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Ecobank, Diamond Bank sack 1300 in one week!

In the last three days, two banks have thrown about 1,300 of their employees into the over-swollen labour market, further sending a sad message about the troubled economy which will record dismal indices this quarter.

EcoBank Nigeria sacked 1,040 in a right-sizing exercise yesterday (Wednesday, June 1), as Diamond Bank offloaded between 200 and 700 earlier in the week. Last year, Diamond Bank retrenched over 1,000 staffers.

The gale of reducing work force in banks began in 2015, and it is blowing more dangerous as the economy pants and faints in the face of more hardship for families expected to be gainfully engaged, with more disposable income which will in return stimulate production.

Eco Bank Nigeria (which had over 9,000 people on its payroll), released a statement to this morning (Thursday, June 2, 2016):

Ecobank Nigeria Upgrades Non-Core Staff, Rewards Top performers

Ecobank Nigeria Limited has announced the conversion of over 200 outsourced personnel to permanent employees of the bank, as part of the bank’s drive to attract and reward talent while also repositioning for improved efficiency. In line with its recognition of excellence, the bank also recently implemented a merit pay increase for the top performers across all cadres.

Making the announcement in Lagos, the Managing Director of the bank, Charles Kie said converting qualified outsourced staff to permanent staff is in line with the Bank’s commitment to develop and grow talent by nurturing its people along their career paths and giving them access to higher responsibilities. He said the bank is resolute that recognizing and rewarding excellence will drive the Bank’s goal of achieving exceptional performance in the industry.

According to Mr Kie, the bank in its renewed drive for optimal performance has, in addition realigned certain roles bank wide to ensure improved efficiency.  This he said necessitated the exits of some staff who were adequately compensated.  He maintained that this is in furtherance of a market repositioning exercise designed to strengthen the bank’s business across all markets where it operates. He emphasized that the Ecobank Group is on a trajectory to achieve leadership and Ecobank Nigeria remains one of  ETI’s major affiliates as well as one of Nigeria’s Systemically Important financial institutions.

Mr. Kie explained that “our focus is to improve the quality of service to our customers as well as our operational efficiency. “We understand that people are our key asset, so we have emphasized the need to reward our best performers, continue to re-invigorate our people while also opening up new opportunities for talented, committed people to join us as permanent employees. At the same time, based on our repositioning plan, we had to disengage some staff while ensuring that, in line with industry standards, they are treated fairly”. He maintained that Ecobank is an institution where high professional culture, exceptional performance, innovativeness and professionalism are recognized , nurtured and rewarded.

Ecobank Nigeria is a member of the Ecobank Group present in 36 African countries. The Group employs nearly 19,000 people from 40 different countries in over 1,200 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.


On Tuesday, May 31, Diamond Bank admitted retrenching 200.

Their statement read:


Diamond Bank recently rightsized its workforce. The rightsizing was a core strategic exercise in line with the Bank’s growth objective and the will to continue the drive to optimize cost and enhance value for the shareholders at the end of the business year.

In the Bank’s last appraisal, only 200 staff whose performance scorecards were adjudged to be lower than the minimum required to drive its strategic growth plan for the business year were relieved; with the opportunity to seek employment in other organizations where their respective skills set and individual performances could be enhanced and optimized.

The yearly appraisal is a general industry standard and enables banks to prune their workforce and prudently allocate resources for optimum result. Diamond Bank is not an exception in the industry and therefore, had carried out its annual appraisal and found the performance of the members of staff that were relieved to be below the required minimum performance level that will sustain them in the system.

With its trim-and-fit workforce, the Bank is sure to meet its target for the current business year.


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