Another Nigerian bank has laid off workers. Reports on Thursday morning are that Unity Bank has in fact sacked 215 of its existing 2000 workforce.
The Nation reports that the sack is to enable the bank realign its operation and pursue a long term growth strategy. Some of the sacked persons are thought to be senior staff and branch managers.
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.
Unity recently hired about 200 new staff to drive the transformation initiative while about 100 other staff were said to have been promoted.
Unity Bank commenced operations in January 2006 following the merger of nine financial institutions with competences in investment, corporate and retail banking.