Unity Bank sacks 215, hires 200 in fresh restructuring

The management of Unity Bank Plc has sacked 215 staff, just as they also engaged additional 200 fresh staff in a fresh restructuring, sources said.
Most of those sacked were branch managers and senior staff, sources close to the Daily Trust have disclosed.
The human capital department of the bank communicated the retrenchment of the affected ex-staff to the individuals, yesterday, advising the sacked workers to hand the bank’s belongings in their possession.
The source, who preferred anonymity, said: “There were no signs that such action was contemplated before we proceeded on the Salah break. But we came in this morning (yesterday) strategising on how to go about the remaining days of the working week, when the letters dropped on the email box of the affected persons.”
The source said the categories of workers affected comprised branch managers, staff in the debt recovery department, senior banking officers (SBOs) and Zonal legal officers.
Meanwhile a management source said the lender hires 200 new staff to drive the transformation initiative began by the Management in the last one year while about 100 other staff were said to have been promoted recently.
The management said some members of staff numbering about 215 have been allowed to go in an exercise that will enable the Bank realign its operation to pursue its long term growth strategy. However the affected staff were said to have exercised the option to resign while Management has approved severance package in line with the Bank’s policy.
A source close to the Bank said the new focus of the Business has led to significant enhancement of human capital in its various business units.  This is with a view to injecting fresh ideas, initiatives and energies to strengthen the various departments of the bank with capabilities to pursue the attainment of strategic business focus in the Agricultural financing, retail/SMEs and development of rural economy.
The Unity Bank’s share price closed at N0.70 on the floor of the exchange, gaining 2.4 percent while recording about 14 trading transaction valued at N1.5m.