Unity Bank Plc yesterday reduced its workforce by sacking 215 members of staff due to their inability to cope with the new ideas and strategy of the company, Vanguard reports.
According to a source privy to the bank, about 200 new hires were said to have been recruited by the bank to promote the transformation initiative that was initiated by the management within the past year. The source also revealed that about 100 other staff members were said to have been promoted recently.
The source said; "Some members of staff numbering about 215 have been allowed to go in an exercise that will enable the Bank realign its operation to pursue its long term growth strategy. However the affected staff were said to have exercised the option to resign while Management has approved severance package in line with the bank’s policy".
Investigation revealed that the affected members of staff were those that achieved less than 40 per cent of their performance target, which affected the lender’s overall profitability in recent years.
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