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According to information gathered from sources close to the bank, Vanguard reports the workers were sacked for their inability to cope with the new ideas and strategy of the institution which is part of its reengineering strategy for greater performance.
According to the source:
” About 200 new hires were said to have been recruited by the Bank 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.
Meanwhile, 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.”
Commenting on this development, industry source asserted that the exercise carried out by the bank was part of the hard choices that forward-looking organisations desiring optimum performance had to take from time to time to enable it deliver consistently on shareholders expectations.