ETB on monday 29 march sent home a lot of staff and it cut accross board from GM to Excercutive trainees

Another downsizing? So sad

my people na only God go help us tru dis tsunami in d banking industry o

, this is just the beginning of the end, we've not seen anything yet.

OJELIQUOR:

, this is just the beginning of the end, we've not seen anything yet.

are u a prophet of doom?

@ReachRich, isnt it obvious to you what is going on in the country, is this how how the economy was years back? Are things moving on cooly presently in the economy? I am not a prophet of doom but come to know this that I just got to know that Intercontinental Bank is already compiling another list of perssonels to be sent pack, pls dont be surprise when you get to hear that.

Thank you.

i have a friend who works with ETB, i pray hes not affected anyway

OJELIQUOR:

@ReachRich, isnt it obvious to you what is going on in the country, is this how how the economy was years back? Are things moving on cooly presently in the economy? I am not a prophet of doom but come to know this that I just got to know that Intercontinental Bank is already compiling another list of perssonels to be sent pack,  pls dont be surprise when you get to hear that.

Thank you.

What is obvious to you? It would be interesting if you expand on your observations.

What is "the end" that this is the beginning of? Please define.

most of the banks are false entities anyway.

they survive at the mercies of some corrupt owners,not down to pure operational wherewithal

It seems that all the CBN appointed managers want to do is retrench staff. Was it the overhead cost/management expenses that made these

banks unprofitable?

Or the high incidence of unrecovered loans?

i consider this as a misplaced priority

tkjoke:

It seems that all the CBN appointed managers want to do is retrench staff. Was it the overhead cost/management expenses that made these

banks unprofitable?

Or the high incidence of unrecovered loans?

You have access to some kind of evidence or indicator that shows this is a bad decision? E.g. their cost structure, capital (current and access to future ones), the future predicted market structure (like the market is growing not falling so they would need the staff)

Do you?

This is another sad news, when will this sad stories end?hmmmmmmmmmmmm

Sagamite:

You have access to some kind of evidence or indicator that shows this is a bad decision? E.g. their cost structure, capital (current and access to future ones), the future predicted market structure (like the market is growing not falling so they would need the staff)

Do you?

No, i don,t. But this mass retrenchment thing is beginning to look like a new fad.
True, some of the banks have numerous branches, some of which are actually loss centres so its understandable if in pruning down the number of branche there are some job losses. But not in the case of Etb. It's a barely visible bank.

@SAGAMITE

wetin be your own sef? Are you so happy that the poor guys are being laid off, or y're related to Sanusi in some way?

tkjoke:

No, i don,t. But this mass retrenchment thing is beginning to look like a new fad.
True, some of the banks have numerous branches, some of which are actually loss centres so its understandable if in pruning down the number of branche there are some job losses. But not in the case of Etb. It's a barely visible bank.

You don't understand the rationale does not mean the rationale is wrong.

It is not only branch proliferation that can spur a headcount reduction.

bodsibobo:

@SAGAMITE

wetin be your own sef? Are you so happy that the poor guys are being laid off, or y're related to Sanusi in some way?

Is this a dumb question? Or are you a dumb person?

. . . . Leaves thread wondering whose side sagamite is on.

eros:

. . . . Leaves thread wondering whose side sagamite is on.

I am on the side of objectivity and pragmatism, mate.

Yes, you feel sorry for people that lose their jobs but that does not excuse irrationality or unfounded, conjectural criticisms.

Would it have been better to not make the decision and then the business collapse under the stress of cash holes and everybody in the company loses their jobs?

Your business environment changes. If they have to let people go, they have to let people go. Unfortunate and sad (especially in Nigeria), hopefully people can cope and have saved for raining days until something else comes up.

@ sagamite


u are a tough critic

This is just a means of reducing over-head cost so as to ensure profitability. Believe me this is a right step in the right direction. Atleast depositors and investors' money will not be used to pay some of those proud for nothing and extravagant bankers salaries.

i pity them

Posted by: tkjoke
Insert Quote
It seems that all the CBN appointed managers want to do is retrench staff. Was it the overhead cost/management expenses that made these

banks unprofitable?

Or the high incidence of unrecovered loans?

@ tkjoke - it is not only CBN appointed managers that are laying off people, UBA did in dec and another is still on going now in UBA , they are just keeping it hush hush

Sagamite:

I am on the side of objectivity and pragmatism, mate.

Yes, you feel sorry for people that lose their jobs but that does not excuse irrationality or unfounded, conjectural criticisms.

Would it have been better to not make the decision and then the business collapse under the stress of cash holes and everybody in the company loses their jobs?

Your business environment changes. If they have to let people go, they have to let people go. Unfortunate and sad (especially in Nigeria), hopefully people can cope and have saved for raining days until something else comes up.

Hmmm. Banks were almost the only hope of this country with more than 70% unemployment rate. We were happy when young Nigerians were employed in banks. We all thought "thank God for banks that employ, if not, rate of unemployment would have been higher". Suddenly , there was recession, Soludo tried to manage it because he knew the implication of exposing the banks - which is what is happening now. A northern group saw the opportunity and imposed a boko haram as CBN governor. The boko haram saw it as an opportunity to avenge his humiliation by some other banks MDs when he was the MD of first bank plc. He audited banks and refused to give the banks chance to defend themselves (this violates both the natural and civil law of fair hearing). He imposed new MDs that are equally thieves. He made policies and introduced accounting methods that are totally wrong in order to potray some banks( so called R8) as dead horse.

Sagamite, did u know that Intercontinental bank, under the new MD gave Saraki waiver of 6bn? Did u know that intercontinental bank, as at november last year had given 32bn as waivers to customers? Can a bank that is almost collapsing give waivers? Do you know that it is Saraki that nominated Sanusi as CBN gov, and do you know that it is Saraki that nominated Lai Alabi as the MD of intercontinental bank. And sadly, do u know how many years salary 32bn can pay in intercontinental bank? So dont even say downsizing was an attampt to reduce cost, no, it was an attempt of Sanusi to reduce those banks to second tier or even third tier banks. Shey u know he s trying to categorise banks according to their size?

I have friends in intercontinental bank, prior to the "ïntervention", there was no hausa man among the 6 EDs in the bank . Now , the bank has only three EDs, two are hausas.

As long as southerners still continue to support Sanusi, we will still be slave to the hausas.

In case u still need more conviction that your opinion is wrong, please let me know

@kafanchan

in as much as it is sad to lay off staff, your posr or should i say analysis is totally wrong. because a bank gives a waiver of 32b doesnt makes the bank strong in anyway shape or form. i work in the financial sector in the uk with good knowledge of how things work here and an idea in naija also. this is not about sanusi or anything. its not sanusi giving the order for retrenchment or sacking so why drag him into this. its has always be a norm in naija and all over the world when the unfortunate happens, the innocent and masses will suffer.

I am not surprised, it was bound to happen sooner or later considering the huge losses these banks posted last year due to loan loss provisions they took but they must cut costs drastically to remain in business. In addition to intercontinental, heard union, unity, spring may also be doing same.

kafanchan:


Hmmm. Banks were almost the only hope of this country with more than 70% unemployment rate. We were happy when young Nigerians were employed in banks. We all thought "thank God for banks that employ, if not, rate of unemployment would have been higher". Suddenly , there was recession, Soludo tried to manage it because he knew the implication of exposing the banks - which is what is happening now. A northern group saw the opportunity and imposed a boko haram as CBN governor. The boko haram saw it as an opportunity to avenge his humiliation by some other banks MDs when he was the MD of first bank plc. He audited banks and refused to give the banks chance to defend themselves (this violates both the natural and civil law of fair hearing). He imposed new MDs that are equally thieves. He made policies and introduced accounting methods that are totally wrong in order to potray some banks( so called R8) as dead horse.

Sagamite, did u know that Intercontinental bank, under the new MD gave Saraki waiver of 6bn? Did u know that intercontinental bank, as at november last year had given 32bn as waivers to customers? Can a bank that is almost collapsing give waivers? Do you know that it is Saraki that nominated Sanusi as CBN gov, and do you know that it is Saraki that nominated Lai Alabi as the MD of intercontinental bank. And sadly, do u know how many years salary 32bn can pay in intercontinental bank? So dont even say downsizing was an attampt to reduce cost, no, it was an attempt of Sanusi to reduce those banks to second tier or even third tier banks. Shey u know he s trying to categorise banks according to their size?

I have friends in intercontinental bank, prior to the "ïntervention", there was no hausa man among the 6 EDs in the bank . Now , the bank has only three EDs, two are hausas.

As long as southerners still continue to support Sanusi, we will still be slave to the hausas.

In case u still need more conviction that your opinion is wrong, please let me know

No, I did not know.

Please provide your evidence for the bolded. I wait patiently.

okenwa:

@ sagamite


u are a tough critic

Yes o. I know I am.

Acid rain falling inside bank, no more job security. brace yourself be ready for all forms of ATM and Check cloning from these bankers affected by downsizing.

axeman85:

@kafanchan

in as much as it is sad to lay off staff, your posr or should i say analysis is totally wrong. because a bank gives a waiver of 32b doesnt makes the bank strong in anyway shape or form. i work in the financial sector in the uk with good knowledge of how things work here and an idea in naija also. this is not about sanusi or anything. its not sanusi giving the order for retrenchment or sacking so why drag him into this. its has always be a norm in naija and all over the world when the unfortunate happens, the innocent and masses will suffer.

I am not saying that Intercontinental is strong by giving 32bn waiver, I am saying that Sanusi shouldnt have allowed Intercontinental's MD give 32bn if he thinks the bank is distressed. That means either Sanusi is either not straightforward or he is trying to wreck the bank the more.

I wish Naija were UK where a Jihadist is not the Governor of Bank of England, where the governor cannot say in the public that the accused ex-MDs deserved to be shot, where the result of an audit can never be worked on unless and audit query is issued and answered to, where CBN governor does not give "distressed" banks loan without the consent of the bank as well as the public, where the CBN governor can never say in the public "sometimes I can be sentimental in making my decisions", where the CBN governor cannot defy court orders by publishing PHB's financial result when court asked him not to do so, where the main aim of the governor can never be to sell publicly quoted banks at all cost without allowing shareholders recapitalise, where the governor can never deny his statement, where the governor can never allow a "distressed bank" give waiver of 6bn to a politician owing the bank 8bn (mind you, the politician's name was not published in August 2009 as part of people owing the bank money), where the governor is more of a monetary expert than a risk manager. And so on. My man, naija is not UK, things are wrong here and that is what we are trying to make people realise. Sanusi was put there to hijack the banks, things are not really working as planned and it is having a side effect on our economy. What are the advantages of his reforms - nothing.

Also, I am suprised that you did not see the letter that CBN wrote to intercontinental bank to reduce salary and allowances by 30% and also to "RATIONALISE STAFF STRENGHT IN ORDER TO REALISE FULL POTENTIALS"(i might not get the phrase word for word but i bet that if you see the phrase, you will agree with me that he gave an order of retrenchment). The letter was published in THISDAY on either 15th or 16th dec 2009. the letter was published by an activist group when CBN first denied giving such orders to Intercontinental bank. CBN is being headed by liar.

Since you have not taken the opportunity to defend your statements, I can as well go on and destroy them based on my understanding of them and my perception of your intellect.

kafanchan:


Hmmm. Banks were almost the only hope of this country with more than 70% unemployment rate. We were happy when young Nigerians were employed in banks. We all thought "thank God for banks that employ, if not, rate of unemployment would have been higher". Suddenly , there was recession, Soludo tried to manage it because he knew the implication of exposing the banks - which is what is happening now. A northern group saw the opportunity and imposed a boko haram as CBN governor. The boko haram saw it as an opportunity to avenge his humiliation by some other banks MDs when he was the MD of first bank plc. He audited banks and refused to give the banks chance to defend themselves (this violates both the natural and civil law of fair hearing). He imposed new MDs that are equally thieves. He made policies and introduced accounting methods that are totally wrong in order to potray some banks( so called R8) as dead horse.

So are you saying Sanusi introduced policies and accounting methods and applied them retrospectively.

So tackling the management of banks that had led their banks to the point they could not fund their day to day activities whilst the managers were enriching themselves is what you daftly call boko haram.

kafanchan:

Sagamite, did u know that Intercontinental bank, under the new MD gave Saraki waiver of 6bn? Did u know that intercontinental bank, as at november last year had given 32bn as waivers to customers? Can a bank that is almost collapsing give waivers? Do you know that it is Saraki that nominated Sanusi as CBN gov, and do you know that it is Saraki that nominated Lai Alabi as the MD of intercontinental bank. And sadly, do u know how many years salary 32bn can pay in intercontinental bank? So dont even say downsizing was an attampt to reduce cost, no, it was an attempt of Sanusi to reduce those banks to second tier or even third tier banks. Shey u know he s trying to categorise banks according to their size?

Bloody conjectures.

kafanchan:

I have friends in intercontinental bank, prior to the "ïntervention", there was no hausa man among the 6 EDs in the bank . Now , the bank has only three EDs, two are hausas.

My friend, never in your life again come to me with this kind of daft, moronic point. NEVER!

My intellect is at a superior level that it is actually quite silly of you to think I am going to be swayed by these kind of poor allegations that might work on villagers in Kafanchan.

How many banks did the CBN intervene in?

They sacked the management team of 5 banks and removed the CEO of 3. You now daftly come to provide ME with selective information to back your moronic point.

For the 3 CEOs removed, how many were replaced by northerners? The new MDs are Mr. Cyril Chukwumah, Bank PHB; Mr. G.O. Folayan, ETB; and Mrs. Sola Ayodele, Spring Bank. Are those Northerners?

Of the 5 banks were the manament teams were sacked, how many had Northerners appointed as CEO? ZERO out of 5!

Out of those management teams, 19 EDs were appointed. Out of this 19, ONLY 6 were northerners.

So Sanusi removed 27 people (EDs and CEOs) and just 6 were replaced by northerners, not some kind of majority has your daft selective information might mislead a stupid, illiterate mind. None was a CEO, the most powerful and influential position that gets involved in all senior management recruitment!

Of these 6, 3 were appointed EDs of the Northern operations of the business, which is the kind of norm and they are highly qualified.

Here are the profiles of the other 3. They have held senior positions in other Nigerian banks (run by southerners) and even foreign banks.

Abubakar Sule (Intercontinental)
Abubakar Danlami Sule, a fellow of Chartered Accountants of Nigeria is an astute finance professional and banker of repute. With over 20years experience in the Nigerian Banking Industry, he was before his recent appointment the Managing Director of Sterling Capital Markets Limited, a subsidiary of Sterling Bank Plc and one of the leading Investment Banking and Management Institutions in Nigeria.

A core treasury expert, Abubakar is well known for his Liability Management prowess. He also has strong competencies in other areas of banking including operations, Financial Control, Corporate Development and planning, Corporate Banking/Corporate Finance and Asset Management.

Having commenced his Banking career in the Central Bank of Nigeria in 1989, he rose to the position of Assistant Manager before leaving the institution in 1996 to join Guarantee Trust Bank Plc. He has since held top Management positions in many banking institutions including United Bank for Africa Plc, Continental Trust Bank Plc, NAL Bank Plc and Sterling Bank Plc.

At Sterling Bank Plc, where he was a General Manager between January 2007 and June 2009, he managed the entire Corporate Banking Group and was instrumental in delivering excellent clientele services to multinationals, as well as Telecoms, Energy and Power Sectors.

An experienced change agent, Abubakar was involved in the strategic repositioning and service process reengineering of NAL Bank Plc in 2004 and subsequently served as the project coordinator to manage the transition of NAL Bank Plc into Sterling Bank Plc.

Abubakar obtained Bachelors degree in Accounting in Ahmadu Bello University, Zaria in1987. He attended many Professional and leadership training programmes facilitated by such institutions as the Lagos Business School; Euromoney, London; INTRADOS, USA; Export Import Bank of United States and INSEAD, France


Suleiman Yusuf (Intercontinental)
Mr. Suleiman Yusuf is a professional with over 20 years of diverse experience in Treasury, financial Control, Information Technology and Risk Management in the financial sector. He is currently an Executive Director and Chief Financial Officer of the Bank. He also oversees the Finance & Subsidiaries directorate in the Bank.
Mr. Yusuf graduated from Obafemi Awolowo University, Ile Ife, Nigeria with B Sc. First Class Honours in Accounting in 1988 and holds MBA, specializing in Financial Control & Management, from Lagos State University and PGD in Computer Science from Delta State University.
He is a Fellow of both Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Institute of Taxation of Nigeria (CITN) and an Alumnus of Lagos Business School.
Mr. Yusuf had been functioning at strategic positions throughout his working career, and was the Chief Financial Officer of CitiBank Nigeria Limited before joining Intercontinental Bank Plc in October 2009.

AbdulRahman Yinusa (Finbank)
Mr. Yinusa is the Executive Director, Finance and Strategy. Prior to the appointment, he was Managing Director/CEO of United Bank for Africa (SL) Limited, a position he assumed in January 2008. He has 20 years of banking experience and was the Managing Director/CEO of UBA Asset Management Limited where he launched four Mutual Funds within two years of his appointment.
He joined UBA in 1996 and has held various senior level positions including Treasurer and Chief Financial Officer. Prior to this, he served in a dual role as Financial Controller and Head of Strategy Development at FSB International Bank Plc (now Fidelity Bank).
The Ahmadu Bello University, Zaria Accounting graduate started his banking career with Citigroup Nigeria where he served his National Youth Service Corps in 1989 and rose to the position of Senior Financial Analyst.

A certified Treasury dealer and current member of the Chartered Institute of Bankers of Nigeria, Abdulrahman holds a B.Sc. Accounting, Masters in Business Administration (MBA) and M.Sc. Economics. He has attended a range of professional courses in prestigious institutions including the world-class Advanced Management Programme at INSEAD, Paris.
He is happily married and blessed with children.


Tell me how these 3 profiles are inferior to the other 13 Southern EDs appointed? ARE THEY LESS QUALIFIED?

Then you bring your stupid, dumb, moronic, ridiculous, baboon arse here to present ME with selective information. Do you think I am half-baked? Why insult my intelligence?