Workers of the defunct UT and Capital Banks, numbering up to 1000, have been laid off following the takeover by the GCB bank.
An announcement by the management of the GCB bank confirmed the termination of the contracts of some UT and Capital bank workers.
The affected workers, though, will be adequately sorted out in accordance with provisions of the Labour Act, 2003 (Act 651) and the Banks and Specialized Deposit Taking Institutions Act, 2016 (Act 930).
In this regard, laid off workers will have their salary arrears, wages, leave, severance pay and other entitlements taken care of my the management of GCB bank.
In August the licenses of the UT and Capital Banks were revoked by the Bank of Ghana, with both banks being subsequently taken over by the GCB Bank due to severe impairment of their capitals.
A statement from the Central Bank said the takeover had become necessary because the aforementioned banks could no longer be trusted to take charge of monies from the public.
Initial fears were that most of the workers at the UT and Capital banks would lose their jobs, however, management of the GCB bank moved quickly to calm those talks down.
A month down the line, though, and a combined number of about 100 staff from both banks have been laid of, contrary to the initial stand by the GCB bank.