About 270 workers of the GCB bank have been laid off, citibusinessnews.com has reported.
The move forms part of the bank’s plan to restructure, following declining profits.
It comes after successful negotiations with representatives of the local workers’ union of the bank on the appropriate exit package for the affected workers, according to the report.
The process to lay off the workers is said to have begun in 2014 but had until now been resisted by junior workers of the bank who reportedly were not satisfied with the exit packages offered to them.
More workers are said to be on their way out, with about 100 workers volunteering to be laid-off in return for exit packages, the report said.
The bank is said to have over 2200 workers.