Ecobank Nigeria, has sacked over 1,040 of its employee due to the current economic hardship the country is facing.
According to the PUNCH newspaper the affected staff members of Ecobank included full time and contract workers.
“Ecobank spokespersons declined to comment on the number of workers who were disengaged,” the paper stated.
The managing director, Ecobank, Mr Charles Kie, is reported to have said: “In line with the recognition of excellence, the bank has recently implemented a merit-based pay increase for the top performers across all cadres.”
Diamond Bank Plc of Nigeria had sacked over 200 members of its workforce, while FBN Holdings, the parent company of First Bank of Nigeria Limited, recently gave notice it would prune the number of its employees by 1,000.
Nigerian banks have been affected by the economic situation in the country as a result of the stringent monetary policies put in place by the Central Bank of Nigeria (CBN). In order to cut costs and reduce financial loss in 2016, Nigerian banks have been on a retrenchment spree since the start of the year.