First Atlantic Bank to sack 100 staff after merger with Energy Bank

First Atlantic Bank to sack 100 staff after merger with Energy Bank

- About 100 workers of First Atlantic Bank are set to lose their jobs following the decision by the new owners to restructure

- The redundancy is as a result of duplication of roles after the merger and the issue of layoffs is still being discussed

At least 100 staff of the First Atlantic Bank Ltd. are set to be laid off following its takeover of Energy Commercial Bank Ltd.

According to a report by, the staff are being let go to avoid duplication of roles.

Those affected represent about 11% of the 950 workforce of the bank.

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A notice sent to the affected staff demanded that they officially quit their jobs after May 3.

The report suggests they will, however, receive a severance package equal to one-month salary for every year worked.

The affected staff will also get 20% off any outstanding loans, as part of the severance package.

Meanwhile, the head of human resources at First Atlantic Bank, Jonas Safo Adu, has refused to comment on the matter.

This comes after merger documents prepared for the Bank of Ghana said all staff would be retained for the first two years after the takeover of Energy Commercial Bank.

In a developing story, some of the affected staff are preparing to drag the bank before the country’s National Labour Commission.

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According to them, they weren’t given enough notice and that severance payments are inadequate.

The bank has violated our rights by not giving us at least three months’ notice ahead of the termination of our appointment and also failing to negotiate our severance package with us,” the affected staff are quoted as saying through an email.

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