FCMB sacks 700; 300 more to go

No fewer than 700 staff of First City Monument Bank
have been laid off.

This is contrary to the figure of 150 being bandied
around by the top echelon of the bank owned by
industrialist, Otunba Subomi Balogun.

Balogun’s son, Ladi, is at the helm of affairs of the
Bank as Managing Director/Chief Executive Officer.
Though not all the affected 700 staff members have
received the letter terminating their employment,
sources said the list was compiled late last year, with
some of the most productive staff in the Bank
included in the list.

The Eagle Online gathered that each departmental
head was given the number of staff to recommend
for termination of their appointments.

A source said: “Even where departmental heads put
up spirited defences, they were told that the Bank
could no longer cope with the number of staff on the
payroll.”

It was gathered that the Bank has a staff strength of
about 3,000.
However, the management, The Eagle Online was
told, is not done with the sack gale yet.

It was gathered that the departmental heads have
been told that 300 more persons have to go.

One departmental head, who has become so
frustrated, it was gathered, has put his name on the
list of those to be sacked.

A staff told The
Eagle Online late on Tuesday: “It is
becoming so tiring and frustrating here.
“We do not even know what will come next.
“We are just waiting here not knowing who will be
asked to go next.”


But more curious to the staff is the news that as
some of the staff are being asked to go, others are
being employed.

A staff said: “It appears those to replace those who
have been asked to go are already lined up.
“We are beginning to see new faces in some of the
departments.

“It is very confusing.”