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Who Knows Which Banks Are Best To Work In? - Career (2) - Nairaland

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Re: Who Knows Which Banks Are Best To Work In? by SEFAGO(m): 9:03pm On Nov 02, 2010
Maybe we should start looking at companies' annual reports before we go and interview there, just like when we want to buy their stock. If you want to secure your future, that might not be a bad idea.

This is a good idea assuming the person is qualified enough to be getting multiple job offers from banks lol. Beggars cannot be choosers

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Re: Who Knows Which Banks Are Best To Work In? by danidon: 10:17pm On Nov 02, 2010
if your consideration is job security, then GT Bank is the obvious choice followed by Zenith Bank. The likes of Standard Chartered, Citibank and Stanbic are more or less foreign dominated. If it is pay package, you can only rate based on level. Some banks like GT Bank uses more of contract staff while virtually all Zenith bank staff are professionals, so he total cost that zenith pays is more than GT Bank. Also, zenith has over 320branches as against about 180 of GT Bank. The managers in zenith are very well paid. A managers leave allowance alone can be used to start up a business we learnt and they have allthe goodies before the meltdown. I am using Zenith and GT Bank because without any iota of doubt, they are the only two 'real' banks in Nigeria that you can beat your chest and agree to.The rest are trying but the outlook of their staff tells you much about them.
Re: Who Knows Which Banks Are Best To Work In? by BabaOnileK: 10:27pm On Nov 02, 2010
Epiphany:

. . . his sisters opinion is that citibank is the best bank to work for.  grin grin grin
For proffessional career building - Citibank is it. Fewer Nigerian banks spend more or equally on staff training per staff. Citi staffers regularly command premium positions when they cross over - at least 3 of the UBA EDs came from Citi within and outside Naija.
Citi was the only bank that paid its staffers a salary increment in October 2010 (when most banks were sacking or reducing wages)
Citi also tries to cater for Work/Life balance. I know they routinely hold Salsa classes, TGIF, organise cinema movie tickets or comedy show tickets, boat cruises and their annual party that is open to all staff.
Re: Who Knows Which Banks Are Best To Work In? by BabaOnileK: 10:37pm On Nov 02, 2010
danidon:

if your consideration is job security, then GT Bank is the obvious choice followed by Zenith Bank. The likes of Standard Chartered, Citibank and Stanbic are more or less foreign dominated. If it is pay package, you can only rate based on level. Some banks like GT Bank uses more of contract staff while virtually all Zenith bank staff are professionals, so he total cost that zenith pays is more than GT Bank. Also, zenith has over 320branches as against about 180 of GT Bank. The managers in zenith are very well paid. A managers leave allowance alone can be used to start up a business we learnt and they have allthe goodies before the meltdown. I am using Zenith and GT Bank because without any iota of doubt, they are the only two 'real' banks in Nigeria that you can beat your chest and agree to.The rest are trying but the outlook of their staff tells you much about them.

I beg to disagree, only multinationals tend to have total job security. Same with Citi. That is one bank where you have the highest percentage of those from AGM and above per staff ratio. You have not less than 30 AGM stafferes and above in a staff strength that is less than 300. Forget the hype of local banks. You get registered with clubs of your choice - including the prestigious Island Club FOC once you become an Asst Manager. There are also fewer rungs compared to most banks.
Re: Who Knows Which Banks Are Best To Work In? by SEFAGO(m): 11:09pm On Nov 02, 2010
Curious- is Citibank affiliated with Citigroup? From what I have heard- they were supposed to be?
Re: Who Knows Which Banks Are Best To Work In? by blackcypha(m): 2:19am On Nov 03, 2010
dunno but i think am down with GTB
Re: Who Knows Which Banks Are Best To Work In? by supereagle(m): 6:35am On Nov 03, 2010
GTB knows how to spoil their Shareholders with bonuses better than other Banks.
Re: Who Knows Which Banks Are Best To Work In? by leaderone(m): 8:10am On Nov 03, 2010
@poster, Guy this your analysis is basically incorrect, i am presently trying to figure out if it deliberate or you're just IGNORANT.

you do not require a degree to know that the category of staff was not reflected in your so called chart. it is not a secret that 80% of staff in GT Bank are on contract and they receive lass than N1,800,000.00 per annum, these 80% are graduates who should be earning more, and it is evident that the survey only took into consideration the 20% who form the senior cadre of staff in the bank. which is a classic case of ROBBING PETER TO PAY PAUL.

In banks like FBN whose staff strength is about 5 times that of GT Bank, only 15% are contract staff. and most permanent staff receive an average of N3,000,000.00 per annum. Please do the math!!

SO THE QUESTION FOR YOU IS THIS, FROM WHOSE PERSPECTIVE ARE YOU MAKING THIS ANALYSIS?, IS IT FROM THAT OF THE BIG SHOTS WHO MAKE UP JUST 20% IN GT BANK OR FROM THE CONTRACT STAFF WHO ACCOUNT FOR THE 80%?.

PLEASE DON'T LET US DECEIVE OUR SELVES. AS A NEW GRADUATE SEEKING EMPLOYMENT IN GT BANK DO YOU KNOW HOW SLIM YOUR CHANCES ARE OF BECOMING A PERMANENT STAFF? PEOPLE MOST CERTAINLY START OUT AS CONTRACT STAFF.
Re: Who Knows Which Banks Are Best To Work In? by aparata: 9:26am On Nov 03, 2010
u will enjoy agbabo esusu union try it,just send ur cv to agbabo@esusu.com,they re recruiting presently
Re: Who Knows Which Banks Are Best To Work In? by mrofficial(m): 9:46am On Nov 03, 2010
See the 3 banks wey i dey bank with na them dey first. GTBank, Diamond, Skye. I sabi better thing, clap for me grin grin grin
Re: Who Knows Which Banks Are Best To Work In? by stereotype: 10:16am On Nov 03, 2010
I didnt see ETB here. When I left in 2008, entry level was 3,000,000 naira per annum and I am sure there was no salary cut for their staff like some other banks so why are they not on the list?[quote][/quote]

My Wife works in ETB and this is her 3rd year there. She does not earn up to N3M. So it's either she's lying to me or your assertion is false.
Re: Who Knows Which Banks Are Best To Work In? by lordvamon(m): 10:34am On Nov 03, 2010
i go for phb grin grin
Re: Who Knows Which Banks Are Best To Work In? by holydante(m): 10:53am On Nov 03, 2010
stereotype:


I didnt see ETB here. When I left in 2008, entry level was 3,000,000 naira per annum and I am sure there was no salary cut for their staff like some other banks so why are they not on the list?


My Wife works in ETB and this is her 3rd year there. She does not earn up to N3M. So it's either she's lying to me or your assertion is false.


@stereotype, lolzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz, you may have to check out her employment letter, hahahahaha. you just made my morning grin grin grin grin grin grin
Re: Who Knows Which Banks Are Best To Work In? by AjanleKoko: 10:57am On Nov 03, 2010
leaderone:

@poster, Guy this your analysis is basically incorrect, i am presently trying to figure out if it deliberate or you're just IGNORANT.

you do not require a degree to know that the category of staff was not reflected in your so called chart. it is not a secret that 80% of staff in GT Bank are on contract and they receive lass than N1,800,000.00 per annum, these 80% are graduates who should be earning more, and it is evident that the survey only took into consideration the 20% who form the senior cadre of staff in the bank. which is a classic case of ROBBING PETER TO PAY PAUL.

In banks like FBN whose staff strength is about 5 times that of GT Bank, only 15% are contract staff. and most permanent staff receive an average of N3,000,000.00 per annum. Please do the math!!

SO THE QUESTION FOR YOU IS THIS, FROM WHOSE PERSPECTIVE ARE YOU MAKING THIS ANALYSIS?, IS IT FROM THAT OF THE BIG SHOTS WHO MAKE UP JUST 20% IN GT BANK OR FROM THE CONTRACT STAFF WHO ACCOUNT FOR THE 80%?.

PLEASE DON'T LET US DECEIVE OUR SELVES. AS A NEW GRADUATE SEEKING EMPLOYMENT IN GT BANK DO YOU KNOW HOW SLIM YOUR CHANCES ARE OF BECOMING A PERMANENT STAFF? PEOPLE MOST CERTAINLY START OUT AS CONTRACT STAFF.

Bros, no be my analysis. You no read the original post? undecided I am just putting someone else's analysis forward for discussion.

In any case, you've raised a valid point for discussion. The issue of contract staff - this is just my opinion, but it only shows how well GT is being managed. They're not a charity, you know. Unlike some other banks like WEMA that take on so many permanent staffers, only to pay them lousy, and let them go at the end. You can easily see which bank is more viable.

Just out of curiosity, what is the average tenure of contract staff in these banks, like GT? Are the contracts regularly renewed? Cos labour law prevents a contract beyond 18 months. After that you should either make permanent or draw up a new contract entirely.
Also, are the contract staff holding positions, like in Shell and Mobil? Or are they basically temps, carrying out functions?
Re: Who Knows Which Banks Are Best To Work In? by SABalogun: 12:08pm On Nov 03, 2010
Citibank
Re: Who Knows Which Banks Are Best To Work In? by AjanleKoko: 1:31pm On Nov 03, 2010
BabaOnileK:

For proffessional career building - Citibank is it. Fewer Nigerian banks spend more or equally on staff training per staff. Citi staffers regularly command premium positions when they cross over - at least 3 of the UBA EDs came from Citi within and outside Naija.
Citi was the only bank that paid its staffers a salary increment in October 2010 (when most banks were sacking or reducing wages)
Citi also tries to cater for Work/Life balance. I know they routinely hold Salsa classes, TGIF, organise cinema movie tickets or comedy show tickets, boat cruises and their annual party that is open to all staff.

That is perception, you know. We all hear 'Citibank', and our mouths start to salivate.

I remember a time some years back, when Citibank had quite significant staff mobility. Lots of people used to leave, far more than people that came in.
Also, Citibank is not really on the same scale with any other Nigerian bank mentioned in this study. They spend less on CAPEX and OPEX, their turnovers will be much smaller, they have virtually no footprint (in fact they used to co-locate with UBN in some northern locations). They don't even do retail, so their float wouldn't be anything spectacular. And most importantly, i seriously doubt that they have up to 300 staff.

Turnover-wise, they are 'poorer' than their Nigerian competitors. Not even sure we should call Citibank a competitor of any local bank. They simply don't compete, but bank only the British or American companies they came to support. I'm sure if they publish their results, GT, Zenith, or FBN would take them to the cleaners. Those days of 'protectionist' banking I think have ended in Nigeria. Nowadays, local banks are financing transactions in the billions of USD, and with the coming of National Content and PIB, a lot of Citi's customer's in Nigeria may soon start singing nunc dimmitis.
Re: Who Knows Which Banks Are Best To Work In? by chiozor: 1:38pm On Nov 03, 2010
stereotype:


I didnt see ETB here. When I left in 2008, entry level was 3,000,000 naira per annum and I am sure there was no salary cut for their staff like some other banks so why are they not on the list?


My Wife works in ETB and this is her 3rd year there. She does not earn up to N3M. So it's either she's lying to me or your assertion is false.
grin grin grin grin ask you wife well well grin grin grin
Re: Who Knows Which Banks Are Best To Work In? by rapstar: 2:26pm On Nov 03, 2010
umuchinaemelu community bank , lol
Re: Who Knows Which Banks Are Best To Work In? by CorkMr1: 3:13pm On Nov 03, 2010
NATWEST!!! wink
Re: Who Knows Which Banks Are Best To Work In? by budwizer(m): 6:46pm On Nov 03, 2010
standard chartered i guess
Re: Who Knows Which Banks Are Best To Work In? by tunde121oke: 8:23pm On Nov 03, 2010
microfinance bank
Re: Who Knows Which Banks Are Best To Work In? by mrofficial(m): 12:03am On Nov 04, 2010
^^^ Which one be microfinance bank? Abi na which of the microfianace bank?
Re: Who Knows Which Banks Are Best To Work In? by stereotype: 11:38am On Nov 04, 2010
chiozor:

grin grin grin grin ask you wife well well grin grin grin
My guy i tire o, e come be like wifey dey code for me. I go start to sniff around for her payslip. if she actually earns more than N3m, then i go reduce allowee for her be dat.
Re: Who Knows Which Banks Are Best To Work In? by mordi4evah: 3:53pm On Nov 04, 2010
chop-ichop microfinance bank, grin grin grin grin grin grin grin
Re: Who Knows Which Banks Are Best To Work In? by Nobody: 5:26pm On Nov 04, 2010
@ stereotype, men, 3million per annum for entry level thats about 250k per month, men that cant be, abi u dont forget ur mathmatics since you left the Bank, what do u do now, politician,?
Re: Who Knows Which Banks Are Best To Work In? by BabaOnileK: 9:57pm On Nov 04, 2010
chiozor:

grin grin grin grin ask you wife well well grin grin grin
Find out how much is paid and how much is allocated to performance rating? In some local banks performance rating or target-appraisal (called differing names) is as high as 35%. I recall I heard gists that ETB, Zenith, Access do such. It means that if you do not meet or surpass some criteria set by your unit head/group head, you lose that portion of your allowee. That does not exclude the deductions being made for goofs/errors in transaction processing, unserviced loans by customers etc done in some banks.

More often the more you look, its the less you see.
Re: Who Knows Which Banks Are Best To Work In? by BabaOnileK: 10:46pm On Nov 04, 2010
Curious- is Citibank affiliated with Citigroup? From what I have heard- they were supposed to be?
yes Citibank Nigeria is a subsidiary of the Citigroup. Its not quoted on the stock exchange. Its not a branch as its owned by Citigroup and some prominent Nigerians.

I remember a time some years back, when Citibank had quite significant staff mobility. Lots of people used to leave, far more than people that came in.
I agree that occurred in 2007/8 when most banks were raising wages every 6 months and there was a wage war but guess whose wages were sustained or improved when recession set in and stock prices nosedived wink

They spend less on CAPEX and OPEX, their turnovers will be much smaller, they have virtually no footprint (in fact they used to co-locate with UBN in some northern locations). They don't even do retail, so their float wouldn't be anything spectacular. And most importantly, i seriously doubt that they have up to 300 staff.
There's no point competing with the Joneses, we all know what happened to those opening branches like pure-water or rabbits giving birth. Niche marketing/banking encourages focusing on your strength and being the best in that area. Why else would most corporate organisations aggressively want to maintain accounts with them? Professionalism, lowest charges (most times) and consistent use of technology to leverage businesses. Have you not read recently that Unity bank (or is it FinBank?) is leasing its assets in prime areas and moving to smaller buildings to enable them realise income from such strategically located buildings?
How many foreign oil companies own structures in Naija? Most times they are on long leases.

Turnover-wise, they are 'poorer' than their Nigerian competitors. Not even sure we should call Citibank a competitor of any local bank. They simply don't compete, but bank only the British or American companies they came to support. I'm sure if they publish their results, GT, Zenith, or FBN would take them to the cleaners. Those days of 'protectionist' banking I think have ended in Nigeria. Nowadays, local banks are financing transactions in the billions of USD, and with the coming of National Content and PIB, a lot of Citi's customer's in Nigeria may soon start singing nunc dimmitis
Find out about Capital Alliance - its a group of core investors who are Nigerians and they do invest strategically. They invested in MTN, Citibank and provided seed capital for ABC Transport when it commenced business. I am sure if Citibank was not profitable, they would have divested long ago. Citibank has the lowest cost for capital generated, lowest expense ratio (even lower than IBTC when they were standing alone). Besides they do participate heavily in loan syndication as seen in loans brokerred by a group of banks. Most times the bulk of revenue goes to the Lead Arranger (not disregarding the proportion of loans contributed by participating banks). Talk to the telecoms companies, oil majors and they would attest to that.

To be objective, who would rather bank with - a bank that is present in over 100 countries with over 120 years of existence and ease of transfers unlike those present in only a few capitals in Africa and Europe? Why do you think multinationals open their main accounts there - simply cos the parent companies appreciate the relationships maintained and the ease of transfer of fundsto their subsidiaries no matter how far-flung the locations may be.

One does not need to be listed on the stock exchange to be highly profitable.We all know Globacom is not listed on any exchange but obviously profitable for Paddy Adenuga and his backers grin.
Re: Who Knows Which Banks Are Best To Work In? by AjanleKoko: 11:35pm On Nov 04, 2010
^^,
BabaOnileK,
Many thanks for the spirited defense of Citi. For obvious reasons, I'm not a huge fan.

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Re: Who Knows Which Banks Are Best To Work In? by abioduntin(f): 1:12pm On Nov 05, 2010
So which is the highest paid bank?
Re: Who Knows Which Banks Are Best To Work In? by dremoney(m): 5:36am On Nov 07, 2010
My Wife works in ETB and this is her 3rd year there. She does not earn up to N3M. So it's either she's lying to me or your assertion is false.
[quote][/quote]

To be honest brov,what will you do if by fluke, you realised she'd been coding, laugh wan kill me grin grin grin cheesy cheesy smiley grin grin

GT all the way for mua.

1 Like

Re: Who Knows Which Banks Are Best To Work In? by 2precious: 1:25am On Dec 15, 2010
I think it's GTBank

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