Business
Lockdown Trauma: Access Bank To Sack Workers, Slash Salaries
Access Bank PLC is planning to sack some workers, slash salaries to remain operational as lockdown occasioned by coronavirus has drastically affected its income.
According to a video seen by Ekohotblog, the Chief Executive Officer, Herbert Wigwe said Access Bank no longer need many tellers, security personnel and cleaners, as it currently has – which represents 75% of its staff – because some of its offices will remain close till December.
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“We probably don’t need as many security men as required, even to the fact that we are not gonna have all our branches open between now and December. We don’t need all the tea girls. We don’t need all the cleaners. We don’t need all the tellers etcetera, etcetera,”
The Coronavirus pandemic has taken a bite in the finances of Access Bank after forcing the lender into skeletal operations. Also, the crash in crude oil price, which is affecting Nigeria’s indigenous crude oil-producing firms, is threatening Access Bank and other lenders’ finances.
Nigerian banks are known to finance these domestic oil firms, with about a third of loans by banks awarded to oil firms. So the crash in oil price has triggered a possible rise in bad-debt for Nigerian banks according to Bloomberg, as oil firms struggle to remain lucrative amidst the coronavirus outbreak, lockdown and oil price crash.
This online news platform understands that the downsizing is expected to start from May unless business conditions improve.
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