Heritage Bank has embarked on mass retrenchment of its workers with 400 staff sacked in December. It can be recalled that Heritage Bank in October 2014, acquired Enterprise Bank with about N56 billion. A top management source in the bank, who pleaded anonymity, said cuts across the top, middle and low cadres. He further aid that the mass sack was creating apprehension and fears among the remaining workers
He said that workers from the former Enterprise Bank were the most affected in the ongoing restructuring exercise embarked on to improve the bank’s profitability. Heritage Bank is said to have embarked on the massive sack in spite of the Minister of Labour, Dr Chris Ngige’s directive to financial institutions to desist from the sacking spree.
Mr Fela Ibidapo, the bank’s Head of Corporate Communications, however, said that the figures were not correct. Ibidapo said that the mass sack was not limited to the bank as it cut across all operators in the industry. There have been media reports of the bank’s financial instability which the bank has also denied.