By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Diamond Bank Sacks Over 400 Staff
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNews

Diamond Bank Sacks Over 400 Staff

Farouk Mohammed
By Farouk Mohammed
Published: May 29, 2016
Share
3 Min Read
SHARE

diamond-bank-690x450

It was a bleak ‘Democracy Day’ weekend for over 400 staff of Diamond Bank Plc, as their appointments were terminated by the mid-sized lender on Friday.

Findings revealed that although the latest layoffs by the bank had long been expected by the staff, they were still caught unaware by the development.

A source at the bank said that when most of the affected staff resumed for work last Friday, they had no inkling that it would be their last day with the lender.

- Advertisement -

The source said, “The first sign that made us notice something was going on was that many people could not log into their systems. At first, we thought it was a network problem; but it soon became clear that staff who could not log in had been sacked.”

The source further revealed that most of the people who were disengaged were mainly middle level staff such as Customer Service Managers (CSM) and some workers in the Human Capital Department.

The source said, “As as at now, we cannot ascertain the actual number of people that have been asked to go but we heard that they are between 400 and 600 and that many Customer Service Managers(CSM) are affected. There had been speculation that Branch Managers were compiling list of people to be sacked but nobody expected that they had chosen the end of May to carry out the exercise.”

Attempts to confirm the development from a spokesman of the bank were not successful, as he failed to call back with details several hours after she promised to.

- Advertisement -

Financial analysts have predicted that the economic downturn in the country, coupled with regulatory headwinds, would lead to many banks sacking staff this year, as part of cost cutting efforts.

Indeed, respected economist and Managing Director of Financial Derivatives Company (FDC) Limited, Mr. Bismarck Rewane, predicted last January that banks may commence massive staff retrenchment in Q2 2016, due to the tough economy.

Significantly, banks such as FCMB and Ecobank had already announced job cuts this year and there are indications that many lenders will soon follow suit.

The tough economy has seen many lenders posting below par performance for both their full year December end 2015 and first quarter 2016 results.

In fact, Diamond Bank, which held its Annual General Meeting (AGM) last Friday, was one of several lenders that issued a profit warning that it’s profits for 2015 will be lower than the previous year.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Diamond Bank
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article EFCC Behind Petition Against Jonathan – Olisa Metuh’s Counsel
Next Article I Give Out Cars To Nollywood Acts, Because They Are Poor – Pastor Iginla

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured
News
- Advertisement -
Ad imageAd image

You May Also Like

Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Mike Ejeagha
News

Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95

Muhammad A. Aliyu
Muhammad A. Aliyu
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?