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Access Bank to sack 75% of contract Staff,retained are to take a pay cut due to COVID-19 Distress

The Group Managing Director of Access Bank Plc, Mr. Herbert Wigwe has revealed that management are prepare to carryout mass retrenchment of its workforce as seventy-five per cent of the bank staff strength is no longer needed.

The multinational financial institution said, those retained are to take a pay cut due to the outcome of the COVID-19 pandemic and the resultant lockdown.

The bank boss who spoke via video conferencing in a town hall meeting with the bank’s staff said those to be affected by the mass retrenchment are 75% of the bank’s staff, most of whom are outsourced and are offering “non-essential services.”

“We probably don’t need as many securitymen 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,”

Mr. Herbert Wigwe, one of the principal conveners of CA-COVID, a coalition of Nigeria’s private sector against COVID-19 said “I will be the first to take the hit and I’m gonna take the largest pay cut, which would be as much as 40 percent. The rest we would have to cascade right through the institution. Everybody may have to make some adjustments of some sort.”

“The reasons has to do with our professional cost. Now that is one that is very tricky and it is tricky because I do understand and appreciate that its gonna, you know, bring its own pain to staff. We basically have to make the adjustments the same way you sounded when we spoke 10 days ago with respect to basically cutting down cost.

In a move to show that all would be affected and that he also would not be spared, Wigwe made it clear that he would take the largest pay cut in the bank.

He said: “I will be the first to take the hit and I’m gonna take the largest pay cut, which would be as much as 40 percent. The rest we would have to cascade right through the institution. Everybody may have to make some adjustments of some sort.”

Mr. Herbert Wigwe said the proposed measures are aimed at keeping the bank afloat in the face of the economic realities of COVID-19.

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