The Group Managing Director of Access Bank, Mr Herbert Wigwe had sparked wide fears last week with his announcement that the bank plans to sack 70% of its workforce.
Many analysts had wondered why the regulator, The Central Bank of Nigeria should sanction such decision by the bank at a time the country, and the world is battling the coronavirus pandemic and the attendant economic challenges.
Industry watchers are however predicting job losses in the financial services and other sectors whether in the immediate, medium or long-term. Specialist skills will be required especially in the area of technology by many organisations. New ways of working such as working from home etc will be introduced.
According to Abubakar Suleiman, MD/CEO of Sterling Bank, “Employers don’t want to shrink, if you can keep the business healthy, they will keep you”.
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