Unity Bank Plc has sacked 215 members of staff. The bank
has over 2,000 workforce.
The exercise, it was leant, was to enable the lender realign
its operation and pursue a long term growth strategy.
Some of the downsized staff members were said to have
opted to resign while management approved severance
package for them in line with the bank’s policy.
The lender last May, forged a strategic alliance with Black
Trituium, equity and investment fund manager.
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.
The downsizing, which cut across all cadres including
junior, middle and top management positions, happened at
a time majority of banks are battling with poor profitability
over harsh economic conditions and heightened business
risks from the plunge in crude oil prices.
The bank is also said to have attracted specialist skills to its
workforce since the relocation of its head office from Abuja
to Lagos, which was in line with its plan to grow market
share in viable clusters of the retail market.
A source close to the bank said the new focus of the
business has led to significant enhancement of human
capital in its various business units.
This was with a view to injecting fresh ideas, initiatives and
energies to strengthen its various departments with
capabilities to pursue the attainment of strategic business
focus in the Agricultural financing, retail/Small and Medium
Enterprises (SMEs) and development of rural economy.
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