TheCable

Ecobank Nigeria Plc has defended the decision to lay off about 50 of its senior staff, saying the restructuring was targeted at strengthening the bank’s business across all markets.

In a statement issued on Thursday, the bank explained that it was necessary for the bank to realign its work force for better efficiency in line with best practices, adding that those who were affected by the exercise were adequately compensated.

The statement said the bank was committed to cost efficiency and investment in key initiatives in its transactions, banking, cards and e-banking businesses.

It said the bank would continue to simplify its operations to better serve customers to be ahead of the competition in the industry.

“The bank only recently promoted 300 staff, representing 10 per cent of the employees based on the bank’s commitment to recognising and rewarding excellence and exceptional performance,” it said.

The statement said that the bank had commenced a selection process of converting qualified non-core staff to permanent staff.

TheCable had reported how the prevailing economic crisis made the bank to dismiss some staff occupying the positions of assistant general managers and above.