Access Bank To Cut Staff Salaries, Retrench 75% Of Workers

Herbert Wigwe, the group managing director of Access Bank, has dropped a devastating bombshell after he announced the bank’s planned mass retrenchment of its own workers following the adverse effects of the outcome of the COVID-19 lock down.

He made this announcement via video conferencing in a meeting with the bank’s staff where he mentioned that those to be affected by the mass retrenchment are 75% of the bank’s staff, with the majority being the outsourced workers and and staff offering “non-essential services.”

“We probably don’t need as many securitymen as required, even to the fact that we are not gonna have all our branches open between now and December. We don’t need all the tea girls. We don’t need all the cleaners. We don’t need all the tellers etcetera, etcetera,” 

“The second has to do with our professional cost. Now that is one that is very tricky and it is tricky because I do understand and appreciate that its gonna, you know, bring its own pain to staff. We basically have to make the adjustments the same way you sounded when we spoke 10 days ago with respect to basically cutting down cost.

“I will be the first to take the hit and I’m gonna take the largest pay cut, which would be as much as 40 percent. The rest we would have to cascade right through the institution. Everybody may have to make some adjustments of some sort.”

Mr. Wigwe’s announcement and retrenchment policy will definitely affect the most vulnerable of his staffers negatively as the Covid-19 pandemic effects bite harder.

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