Business

First Atlantic Bank Sacks 100 Staff After Merger; More To Follow

First Atlantic Bank, which recently merged with Energy Commercial Bank to meet the GHS400 million minimum capital requirement of the Bank of Ghana, has laid off 100 staff as part of the coalescing process.

The affected staff are mostly old workers of Energy Commercial Bank with a few of them being staff of First Atlantic Bank.

According to some of the affected staff, who are seeking intervention from UNICOF, they have been promised a severance package of one month’s salary for every year served, which they consider as grossly inadequate.

Some of them complained that contrary to standard labour practice, they were only informed of their fate 24 hours to their meeting with the bank’s management at which they were told verbally that their services had been dispensed off.

The main reason given by the bank for the layoffs, according to the affected staff, is duplication of roles.

Sources familiar with the layoffs say more staff are expected to the retrenched in the coming days.

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