Access Bank To Cut Salaries, Rationalise Staff

Herbert Wigwe, Group Managing Director/CEO Access Bank

In a trending video clip during an employee town hall meeting, Access Bank’s Group Managing Director/CEO, Herbert Wigwe has laid out plans for the implementation of huge pay cuts which he said he will be leading by example by taking a whopping 40% cut. He also observed that there needs to be a major rationalization of what he described as the non-core support staff whom he says accounts for about 75% of their staff strength.

He gave reasons for this line of actions as being in response to COVID-19 challenges on businesses, and the further economic meltdown occasioned by the crash of oil prices.

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He also said that the lockdown arising from the COVID-19 pandemic has made the bank realise that they need to further tool up their digital assets and interface as it is now clear that person to person interactions are not as necessary as they used to be for customers to enjoy banking services. He also said that in the same vein some of the banks branches may have to be shut down.

Wigwe however pledged that staff emoluments will be restored to pre-COVID-19 levels once the business climate gets better and earnings improve.significantly.


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