Information
reaching Business Finder indicates that some banks in the country will
undertake retrenchment exercise soon to reduce their high operational
costs as a result of difficulties on the economy.
The Business
Finder reports that two tier banks are almost certain to carry out this
exercise since citing over bloated staff – a situation which is
increasing their cost of operations.
While one of the banks is fully indigenous, the other is a foreign owned bank with strong presence in the country.
Presently,
there are seven tier one banks according to the pwc 2014 Ghana Banking
Survey.. They are Ecobank Ghana, GCB, Stanchart, Stanbic, Barclays,
Zenith and Fidelity Bank.
This paper understands that about 150 workers from each of the two banks will be affected.
With
regard to the indigenous bank, Business Finder further learnt that some
staff members are anxious to accept the retrenchment offer since the
package is expected to be good.
Already, some bans have laid off
some workers, mainly contact staff in order to lessen the effect of the
economic hardship on their businesses.
As many as about seven
banks including GN, ADB and UMB recorded losses last year with very huge
impairment. Their balance sheet was also affected by the economic
downturn in 2015 coupled with the energy crisis.
A huge number of banks including Stanchart and Soceite General also witnessed reduction in their bottom lines.
According
to the Bank of Ghana Financial Stability Report for 2015, the Ghanaian
banking industry recorded negative 5.4 percent growth last year
signaling a difficult financial year.
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