VIRAL VIDEO | ACCESS BANK NIGERIA TO SLASH SALARIES BY 40% | NIGERIAN BANKS in LAGOS NIGERIA
Access Bank Plc has notified its staff of its decision to slash salaries to avoid job cut as a lockdown to contain the current economy crisis that hampers the operations of Nigeria’s biggest banks. The salary cut is expected to start from May unless business conditions improve. Its been announced that some management will get as much as a 40% decrease. Employees were only informed on recently that their salaries will be slashed and that has dampened the spirit of most staffs. The Nigerian economy is currently living in uncertain time and access bank is challenged in many front haven only recently acquired another bank and managing the risk acquired. Nigerian banks are facing the threat of rising bad-debt levels as a crash in oil prices and the risk of a Naira devaluation coincide with the current global crisis that has shuttered businesses. Access Bank, which acquired Diamond Bank Plc last year, had taken on a lot of the permanent staff from Diamond Bank at the end of 2019.
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