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Fidelity Bank surprises many in massive lay-off exercise

This comes as a surprise to many in the banking sector given that the bank was adjudged Bank of the Year in the 2016 Ghana Banking Awards.

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However, management of the bank maintain that the lay-offs had to happen due to increasing cost of operations and the need to rationalize expenditure as well as human resources.READ MORE:Car Loans in Ghana Car loans hit 34.2% in Ghana- Bank of Ghana Reports“We are looking at streamlining things to position us as the leading bank in Ghana,” a senior official says.

In a conversation with one of the affected staff, who agreed to speak under conditions of anonymity, he said the bank  had duly compensated staff who are being laid-off, and due procedure was followed in undertaking the exercise.

“Though we believe that the bank  is in a strong financial position,  other departments which have to do with electronic payments have not lived up to expectations, hence the lay-offs.”

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Authorities of the bank have not confirmed the information though.

Fidelity bank, apart from emerging Bank of the Year in the Ghana Banking Awards 2015, were adjudged the Best in Corporate Social Responsibility and Best Trade Deal.

In September 2014, Fidelity Bank acquired ProCredit Savings and Loans Company to become the first local bank to acquire a foreign savings and loans outfit in the country.

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