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.”