The aim is to reduce the total number of branches by 8% in order to reduce its total annual cost by 400 million dollars.
Standard Chartered Ghana has closed down operations at its Agbogbloshie and Tarkwah branches.
This in accordance with Standard Chartered International's aim to cut its total number of branches worldwide by 100. The aim is to reduce the total number of branches by 8% in order to reduce its total annual cost by 400 million dollars.
Most of the cuts will be in Asia and Africa, hence, StandChart Ghana plans to shut down more branches in the country in the course of the year.
The closure of the two branches saw the reassignment of some 65 workers who worked for the two branches.
Management of StandChart hinted earlier that it will have to lay off some workers due to the development. But it is unclear how many and the exact time the lay-offs will be done, as workers of the bank have filed a case before the National Labour Commission to stop the imminent layoffs.
Pulse.com.gh can confirm that the Union of Industrial, Commercial and Financial workers have also filed a case in the Accra High Court to stop the company from laying off workers until the case before the Labour Commission is reviewed and ruled upon.