Access Bank to reduce staff strength, cut salaries by 40%

By AYOOLA OLAOLUWA

Access Bank of Nigeria Plc has announced it intention to reduce the strength of its workforce as well as cuting salaries of workers by to up to 40percent.
Managing Director of the bank, Herbert Wigwe, made this known during a virtual meeting he held with members of staff.
According to Wigwe, the lockdown period has shown that digital is the way forward.
“I think if thre is one thing that has come out of this whole lockdown period, it is the fact that digital is the way forward. It is a fact that we do not need the same complementary staff to take us to where we are going.
“It has also shown that non essential services, particularly outsource staff, may not be at the same level we will be needing in the future.
“We probably dont need many security men as required, even as we are not going to have all our branches open until December. We dont need all the tellers cleaners and security men.
“So that number of staff which represents 75% of our staff strength, we basically need to speak to their employers with a view to getting to rationalise to the level to which we think will be necessary to sustain a customer service oriented institution.
“So, we are going to look at that. And as I am speaking today, there are several discussions going on with the need to making sure that we rationalise and bring the numbers to an acceptable level for our institution, given the days ahead that we see.
“The second has to do with our professional cost. That is the one that is tricky because I do understand and appreciate the fact that it is going to bring it’s own pain to staff. We basically have to make the adjustment in the area of cutting down cost.
“I will be the first to first to take the hit and I am going to take the largest pay cut which will be as much as 40%. The rest will have to cascade down the institution. Every body must have to make an adjustment of some sort”, Wigwe said in the video.