CBG confirms dismissal reports; says they’re rightsizing

“The Management of Consolidated Bank Ghana Limited (CBG) has taken notice of reports in the media about massive lay-oﬀs to be eﬀected by the bank, as part of eﬀorts to implement the Purchase and Assumption transaction it undertook following the recent distress of five (5) banks.”

“CBG informs the general public that it has established an integration roadmap with the objective of rightsizing the branch network and rationalizing headcount amongst others. Whilst this may involve some reduction in headcount, management is taking steps to ensure that this does not impose an undue hardship on its staﬀ.”

On August 1, 2018, the Bank of Ghana revoked the licenses of 5 struggling banks and merged them into one and named it Consolidated bank Ghana limited.

Subsequently, Consolidated Bank as part of staff rationalization fired about 1,700 out of 3,700 of the workers it inherited from the five collapsed banks.

The affected workers include 700 mobile bankers of the erstwhile BEIGE Bank, while 1,000 are former employees of the Royal Bank, the Construction Bank, uniBank and the Sovereign Bank.

Most of the workers who are still at post are living in fear since they do not know their fate because of the staff rationalization drive.

The statement added that CBG is organising career training programs for all staff who may be fired. They are also finalizing a plan for aﬀected staﬀ to transition to other economic models which will enable them to provide essential outsourced services to the bank where appropriate.

Read the full statement below

CBG ADDRESSES MEDIA REPORTS ABOUT HUMAN CAPITAL CHANGES

The Management of Consolidated Bank Ghana Limited (CBG) has taken notice of reports in the media about massive lay-oﬀs to be eﬀected by the bank, as part of eﬀorts to implement the Purchase and Assumption transaction it undertook following the recent distress of five (5) banks.

CBG informs the general public that it has established an integration roadmap with the objective of rightsizing the branch network and rationalizing headcount amongst others. Whilst this may involve some reduction in headcount, management is taking steps to ensure that this does not impose an undue hardship on its staﬀ.

A core part of this integration and rationalization exercise is career training programs for all staﬀ who may be exited as a result. CBG is also finalizing a plan for aﬀected staﬀ to transition to other economic models which will enable them to provide essential outsourced services to the bank where appropriate.

CBG is an indigenous bank with a strong balance sheet, well-positioned to protect the best interests of our depositors and staﬀ. We look forward to an enduring partnership with all our stakeholders and to building an entity that will transcend this generation.