Home / Consolidated bank to sack 1,700 out of 3,700 staff

Consolidated bank to sack 1,700 out of 3,700 staff

The newly formed Consolidated Bank is parting ways with about 1,700 of its staff effective by the end of September 2018.

The affected workers include 700 mobile bankers of the erstwhile BEIGE Bank, while 1,000 are former employees of the Royal Bank, the Construction Bank, uniBank and the Sovereign Bank.

According to the state newspaper, Daily Graphic, the layoffs forms part of the business rationalisation programme of the new bank to reduce its current operational cost of about GH¢60 million per month and reduce staff numbers by a minimum of 1,700.


According to the newspaper, some “GH¢60 million is the estimated cost of salaries for all the 3,700 staff and the maintenance of all the 191 branches and outlets of the five banks that the CBG took over on August 1, this year.”

“With over 3,700 members of staff in 191 branches, CBG is overstaffed, compared with the likes of the GCB Bank, which has 1,915 workers in 185 branches; Ecobank Ghana, which has 1,575 workers in 67 branches and the Fidelity Bank, which has 1,027 workers in 75 branches.”

The rationalisation of the Consolidated bank is aimed at bringing staff numbers and wage bill to standard levels in the banking sector.


Five banks consolidated

The Bank of Ghana earlier in August 2018 revoked the licences of five struggling banks and merged them into one and named it Consolidated bank Ghana limited.

The affected banks included uniBank, Sovereign Bank, Construction Bank, Royal Bank, and Beige Bank.

The Central Bank explained that some of the affected banks obtained their licenses using dubious means and had non-existent capital adding that whereas some breached cash reserve requirement, others had their shareholders engaging in supposed dubious transactions.


400 staff sacked

There are reports that some 400 workers of defunct Beige bank had been sacked by the Consolidated Bank.

Citi Business News understands that the workers are mostly micro banking staff of the erstwhile bank.

The directive was contained in a memo circulated to all members of staff last Friday [August 24, 2018] and sighted by Citi Business News.


The affected workers comprise tellers as well as field service operators who were responsible for the collection of deposits of majority of Beige bank’s customers who are in the informal sector.

The staff also liaised with the branch officers for withdrawals and other services so required by their respective customers.

Source: citinewsroom.com

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