Skip to main content

Diamond Bank Fires 200 Staff As A Result Of Harsh Economic Crunch



Reports indicate that due to the economic difficulties that have beset the country of late, Diamond Bank have been forced to let go of 200 Staff members.

The bank had announced a few months ago that its profits had fallen by over N1bn from the first quarter of 2015 to this year’s corresponding quarter.

The economic downturn has affected the banking sector adversely which led to the mass layoff that was said to have happened on Friday.


The bank stated that the layoffs were in line with plans to drive shareholders’ value.

In a statement released by the bank explaining the action, it said, “Diamond Bank recently rightsized its workforce. The rightsizing was a core strategic exercise in line with the bank’s growth objective and the will to continue the drive to optimise cost and enhance value for the shareholders at the end of the business year.

“In the bank’s last appraisal, only 200 staff whose performance scorecards were adjudged to be lower than the minimum required to drive its strategic growth plan for the business year were relieved, with the opportunity to seek employment in other organisations where their respective skills set and individual performances could be enhanced and optimised.

“The yearly appraisal is a general industry standard and enables banks to prune their workforce and prudently allocate resources for optimum result. Diamond Bank is not an exception in the industry and therefore, had carried out its annual appraisal and found the performance of members of staff that were relieved to be below the required minimum performance level that would sustain them in the system. With its trim-and-fit workforce, the bank is sure to meet its target for the current business year.”

There have however been rumours that the workers let go were closer to 400 and that even managers were in danger of losing their jobs.

Diamond Bank flatly denied these claims stating that there was no truth in them whatsoever.

Comments

Popular posts from this blog

Nollywood Actor, Yemi Solade Compares Cynthia Morgan to a Cow

Yoruba Actor,  Yemi Solade  yesterday took to his instagram shade to throw a heavy subtle shade at Dancehall artiste –  Cynthia Morgan . He posted a side by side picture of Cynthia Morgan with a Cow and captioned it  “COWsquare” . He was referring to the fact that Cynthia’s had a nose ring on in the picture…same as the cow. His reasons and intentions for pulling this is unknown, but Yemi claims he never knew Cynthia Morgan was an Entertainer. He has since deleted the post from instagram and has refused to apologize…instead he is battling a blog on instagram who first reported the story. Fans are saying he should just apologize and move on.

Spiritual Uses Of Garlic That Will Leave You Totally Shocked!

7 Facts About Garlic That Will Shock You! Surely, the saying which says “Let food be thy medicine”, knew beforehand the unknown great benefits of garlic, a specie in the onion genus, Allium. Aside being a taste enhancer for recipes, garlic, which has been around for quite a while is of unbelievable benefits. While some countries believe garlic can be used to ward off vampires and evil spirits, it has been classified among the world healthiest food. With a history of human use of over 7,000 years, garlic is native to central Asia, and has long been a staple in the Mediterranean region, as well as a frequent seasoning in Asia, Africa, and Europe. It was known to Ancient Egyptians, and has been used for both culinary and medicinal purposes. In fact this wonder food has more uses than you can think of, and some really interesting ones. 1 . Garlic has been used over the years to make evil spirits and vampires run away. It is said to be the flag-

Hahaha! Read Hilarious Open Letter To Coca-Cola By An Angry Consumer

Hahaha, Mehn! Some people dey para oh!!! The ongoing Coca-Cola “Share A Coke” campaign has really gotten loads of consumers worked up as they are yet to find their names on a Coca-Cola bottle. Consumers including @dj_staffy who wrote an open letter to them on their Instagram page. It’s hilarious! The dude is really pained. LOL Read below: AN OPEN LETTER TO COCA COLA ! The MD/CEO Coca Cola Nigeria and Worldwide Sir/Madam Let me start by saying a ‘Big kudos’ to your company for a fantastic idea, “Share A Coke”. It’s indeed an awesome innovation! But then let me quickly bring to your notice that following the wonderful strategy of share a coke, collect a coke or buy a coke, whatever name you call it. Where someone’s name is written on the (plastic) Coke bottle or Can. I have noticed with total dismay that ‘Nobody Has Shared or Bought any form or shape of Coke for me’! And this is because, according to my little research, your company hasn’t deemed it fit to include my name, Avalon,