Guys , the story is real.My junior brother who works in one of their branch in abuja just called me to inform me.Thank God he is not affected,

Tannyfemi, ur brother is so lucky.Thank God he wasnt affected but what of the other people dt are left wandering about, Ita a tragedy,

Life must continue, they should come outside here to see opportunities and put to use all they've learned and gotten in the banking industry,
Anybody that is afffected, should move on !!!

This is a disaster. with no unemployment benefit system, things must really be going from bad to worse for these fellows. With Sanusi secured in the comfort of his wealth, he can go ahead and initiate more job prunning policy all in the name of sanitaization. I say it now and clear, 5 yrs from now, the banks would still be worse off than they were before he came on board meaning these unfortunate folks and their families would have suffered for nothing!!! God will judge in due time

naijatoday:

people have to realize this is a business. A  lot of this banks over hired and over expanded beyond their means, and now they are coming to reality.

I wonder what happened to those Nigerians who returned home during the "fake boom" times, living their jobs abroad and now might have been fired by the banks. (well they might have been fired abroad too since the economic situation is worldwide.)

people returned home cos of fake boom times? u must think people returned home only to take up banking jobs
the crash and the liquidity squeeze was a phenomenon that spread across the globe and how individual countries have been managing the probs is the variable here. The economic prosperity that pervaded the polity wasnt fake. The FDIs increased, the social overhead capitals improved and other economic indices. so how u came about the fake boom is a mystery

The present problem is artificial and can be traced to irresponsible management of the banks and has nothing to do with other thriving sectors.

Hmmm, don't we miss soludo? The after effect of bank reformation. Well God help those who got laid off.

All those ones supporting the sack, I hear u. Wetin dey vex me for the sack na the fact that this is avoidable. If that idiot CBN governor and his puppet at PHB had not cooked up losses for PHB, there wouldnt have been any need to downsize. Sanusi and cyril went ahead to publish fake financial statements for PHB disclosing losses, despite a court ruling stoping the publication, after everything sanusi will say he is pro corporate governance, transparent and Nigerians will applaud.
He published the statement unsigned by company secretary, is that not enuf to render the statements invalid. Sanusi will die where his corpse will be eaten by dogs by God"s grace. He threw 10,000 people out of their jobs a week before xmas. Yes he planned it, I m so sorry to say this but that is the truth, he wanted bankers(most southerners) to have bad xmas.
Goodluck should please remove him, sanusi wants to sell these banks at all cost(including sending pple into labour market). That is what saraki and co put him there to do. I want nigerians to stand up and pray against the criminal cabal trying to buy thse banks at cheap rate and the only way they know they can do it is to give the banks bad names. Forget all those foreign investors indicating interest, no sensible foreign investor will buy those banks, they are fronting for a group. The sacked MDs did wrong, yes, but close observers in the banking industry will know that that was the common trend in the industry then, sanusi was also guilty, he gave loans without collateral, he gave loans to his friends (he does not have a company that is why he did not give his company),he had bad loans in first bank and uba. He would have done what dem ibru and akins were accused of doing if he was also the owner of first bank, but unfortunately for him, he was just a bloody employee in first bank. Christains, muslim and traditionalist should pray and commit the economy of this counttry into Gods hand. Sanusi still wants more people people sacked.

Just laughing in Chinese and waiting for pro- Sanusi to come tell us how he is not the cause of all these disaster in the only sector Nigerians were proud of few years back. But God is not asleep, cause the cry of the victims shall hunt whoever responsible for this.

The un-employed are still on the streets looking for employment. Now we have the so-called employed ones joining the queue. It is such a repulsive shame, and to add to that, we have an uncaring Government.

Na like this e go dey dey??

, I feel the hurt of the guys who were affected. I was once in that class when UBA laid off staff in Dec.2006. The good news is that I am happy today. All i can tell the affected guys is to move on and look up to God for a better tomorrow; Him alone makes the difference. Self pity has never helped anyone.

the version of the story untold is that PHB's severance package is still the best so far among other banks that sacked their staff recently.

Cheer folks, better days r ahead,

Pataki:

The un-employed are still on the streets looking for employment. Now we have the so-called employed ones joining the queue. It is such a repulsive shame, and to add to that, we have an uncaring Government.

Na like this e go dey dey??

i no understand o
make me sef sing jare

shey na like this e go dey dey?

Are you guys waiting until it's published. They will, painful that it's after slashing salary (yet to adjust to the new pay).

If they will is not debatle, they are doing it.
Like Oceanic Bank (within a period of three weeks in Dec to Jan 2010, they sacked over 1800 staff), later they slashed salary by 30% in Jan 2010, now it is finalizing another salary slashing. My guys over there are planning to run already.

Funny enough, its a directive from SLS that the affected banks' MD's must trim personnel.
Wonder shall never end.

@ agapeluv

kindly feed me with the online business you talked about, i have access to the net but waste my time on facebook, my email addy is efosa70000@yahoo.com.

there is nothing coming from the heavens that the eath is not big enough to take, it happened to those that it happened to because they can handle it and get ahead . it is definately going to be good news for some people in the next future

There is something seriously amiss - the banks' business models were wrong if the stock market crash can have such a devastating effect on their operations. While the experience must be very painful for those involved, I don't see how an unsustainable business making huge losses can continue without making painful cuts.

I don't know if the salaries were reasonable with the value added, or if the salaries were bloated, or if the bank has simply been terribly mismanaged.

Why would the CBN (if true) order an arbitrary pruning down of staff if they are necessary for the bank to be profitable and well run? I don't believe the CBN would give an order like that simply on numbers, unless it feels the bank was carrying more staff than were needed.

Either way it is a very sad day for anyone involved. My prayers are with you.

YA THEY R WELCOME TO THE ASSOCIATION IF JOBLESS GRADS LIKE ME [
quote author=rasputinn link=topic=402877.msg5571565#msg5571565 date=1266958010]
This has been long in coming,it was actually oneof the conditions for which the CBN handed the bank back to the original board of directors,the board was instructed to prune down the staff strength from about 5,000 to about 3,000.Specifically,the board was asked to slash staff salaries by 40% then lay off 2,000 staff
[quote][/quote]
YES it is true cuz I am a victim of the oceanic lay off, so it is no surprise,

NA WA OH.
i tot the sacking game had ended.
I was one of the affected ones in intercontinental bank plc.
truth be told its heart wrenching.its even more sickening when you hear of more of such acts happening or about to happen to your colleagues.


the right to hire and fire lies solely with the employer but I sincerely hope the management of PHB dont act in same manner as that of intercontinental bank that refused to pay the affected staffs their due benefits and entitlements up until now.

imagine lossing your job and not get any cushion(pay) as at time of disengagement.[/size]

[size=8pt]i hope this madeness stops.[size=8pt][/size]

k9ine:

Are you guys waiting until it's published. They will, painful that it's after slashing salary (yet to adjust to the new pay).

If they will is not debatle, they are doing it.
Like Oceanic Bank (within a period of three weeks in Dec to Jan 2010, they sacked over 1800 staff), later they slashed salary by 30% in Jan 2010, now it is finalizing another salary slashing. My guys over there are planning to run already.

Funny enough, its a directive from SLS that the affected banks' MD's must trim personnel.
Wonder shall never end.

learnt oceanic just promoted about 500 staff in line with the ''new model'' they are running. . . . and i ask, so why sack about 1800 and slash salary by 30% only to promote within 2months after the exercise?

Case study: A set of students have been cheating in previous exams, and by not getting caught, did much better than students that actually prepared honestly for the exam. Everyone on the outside perceived them as star pupils. A new invigilator takes over, and the students can no longer cheat, subsequently failing their exams. Who do you blame for the failure? 

When Soludo came into office, in his first speech he highlighted the problems in the banking sector as

a) weak corporate governance, evidenced by high turnover in the Board and management staff, inaccurate reporting and non-compliance with regulatory requirements, falling ethics and de-marketing of other banks in the industry;
b) late or non-publication of annual accounts that obviates the impact of market discipline in ensuring banking soundness;
c) gross insider abuses, resulting in huge non-performing insider related credits;
d) insolvency, as evidenced by negative capital adequacy ratios and shareholders’ funds that had been completely eroded by operating losses;
e) weak capital base, even for those banks that have met the minimum capital requirement, which currently stands at N1.0 billion or US$7.53 million for existing banks and N2.0 billion or US$15.06 million for new banks, and compared with the RM2.0 billion or US$526.4 million in Malaysia.
f) Over-dependency on public sector deposits, and neglect of small and medium class savers.

Surprisingly, he ignored the first four problems, and instead he went after the last two (by increasing the minimum capitalization requirement for banks to N25 billion). Five years later, He left the post of the CBN governor with said 4 problems still plaguing the sector.

Now Sanusi is doing what should have been done several years ago (even before the consolidation exercise) and everyone is now crying foul. If anyone is to blame, it is Sanusi's predecessors for not tackling the problems earlier, and the bank management for doctoring their books to make themselves look more profitable than they truly were. The banks are only now cutting their coat according to the material available to them.

While it is unfortunate that some people are losing their jobs, I find it preferable to the entire bank going belly up, in which case everyone would lose their jobs and the depositors would lose most of their money.

which sacrifice is he talking about? why didn't he do the honorable sacrifice by resingning his office?

i dont know where they expect these pple to go, heard it yesterday on my way home & i just spoke to a friend of mine who heads one of their branches he said its a very serious issue & a whole LOT will be affected & the downsizing is going to take the whole of this week,,,,he said pple are so scared cos they dont know who's going to be next, really sad!!!!!!

the whole story about the MASS sack in PHB isnt falasy or HOAX.its as true as the morning break.let the guy whose woman is an icon;if there is anything of such, in the bank pray that she doesnt wake up and find that her name is on the waiting list cos this may not be the last of such in that bank.
what an unfortunate incident considering the way things are economically in our country and world at large.where will they start from.the funniest thing is that these so called MDs/CEOs will not include the names of any of their relatives even if they are not perfoming/achieving their goals.
i wish the affected staffs goodluck as they face the reality of this painful decision by their former employer.

tedanne:

the whole story about the MASS sack in PHB isnt falasy or HOAX.its as true as the morning break.let the guy whose woman is an icon;if there is anything of such, in the bank pray that she doesnt wake up and find that her name is on the waiting list cos this may not be the last of such in that bank.
what an unfortunate incident considering the way things are economically in our country and world at large.where will they start from.the funniest thing is that these so called MDs/CEOs will not include the names of any of their relatives even if they are not perfoming/achieving their goals.
i wish the affected staffs goodluck as they face the reality of this painful decision by their former employer.

sack relatives ke? for where? lailai!
when those executive themselves are the primary cause of the problem and should have been sacked first, instead of the poor tool pushers. The income recovered from sacking one executive could possibly keep 100 junior staff employed. The CBN needs to make guidelines for downsizing that makes it that the fraction of staff lost and income recovered at each level is consistent to a degree e.g. for every 100 junior staff, 10 managers and 1 top management must follow suit.

i think we should all just wake up and face the reality, the banking sector has collapsed. we re all in deep sh.t, well, some more than others, but 9jeria is in for some difficult times. i know a lot of people who are just suffering and smiling, they r in debt. and im not talkiing about 5million, 10million people, i know someone who owes N50 million. there are couintless other 'rich men' and businesses who owe N200million, N500million of worthless stocks. God help us all

@ agapeluv,
The story is very very true, i am also affected in the BankPHB Crisis, i resigned from my previous appointment to join them and since after their 2 months training, we've not been called to resume since last year, am highly interested in the package u want to freely give out, my e-mail is honourabledavid@yahoo.co.uk Thanks and GOD bless u

honestly i don't understand this country any more, banks are slashing salaries and laying off staff, while some are employing, a former colleague of mine got employment with fidelity bank this january after they have slashed salaries by 50%, but of course a relative of hers is a senior manager there.

zoragirl:

honestly i don't understand this country any more, banks are slashing salaries and laying off staff, while some are employing, a former colleague of mine got employment with fidelity bank this january after they have slashed salaries by 50%, but of course a relative of hers is a senior manager there.

Hmm so sad, a friend of mine was among those that was given the letter.

My God is really mindful of me. My sister scaled through. i really sympathize with all the victims and i pray that God will come to their rescue. Amen. since they were all given 6 months salary, i believe they can hang on and start sometin while God works out something better for them

zoragirl:

honestly i don't understand this country any more, banks are slashing salaries and laying off staff, while some are employing, a former colleague of mine got employment with fidelity bank this january after they have slashed salaries by 50%, but of course a relative of hers is a senior manager there.

yes that's because fidelity is doing good business , even diamond bank is also recruiting while others are laying off,

Sanusi and the MD are fools, they should sit back and watch how the depositors fund of the bank would drop iit happened to FinBank, they llost N500 million in a region just one month after they started sacking people on their savings account alone.


they sshould simply have retained them and slashed their salaries further and then only ssend away offenders

1000 PHB staff sacked or asked to resigned  Which way Nigeria?

Sanusi doing the opposite of what he wishes to accomplish, he's engineering a crisis that has forced the cream of Nigerian companies to seek loans abroad, citing the cases of Dangote Group, which recently paid off its loans to Nigerian banks only to approach Standard Bank of South Africa for a US$350m loan, and Eterna Oil Plc that is seeking N1.2 billion from the Japanese Bond market. The  the CBN Governor “created crises for Nigerian banks, the smallest Nigerian bank had a guaranteed foreign credit line. Now, no Nigerian bank can get the smallest foreign credit line without a CBN guarantee, a clear indication of how much confidence has dropped in the Nigerian banking system under the CBN.
and now another retrenchment.this man i believe is not above us all.lets act now