CBG to integrate laid off workers in other business modules

Management of Consolidated Bank Ghana Limited (CBG) says it has taken steps to ensure that workers that will be laid off are integrated in other business modules.

 The Bank says “it has established an integration roadmap with the objective of rightsizing the branch network and rationalizing headcount amongst others”.

About 1,700 workers are expected to be laid off as a result of cutting down operational cost.

 A statement issued and signed by the Chief Executive Officer, Daniel Wilson Addo, said “the Management of Consolidated Bank Ghana Limited (CBG) has taken notice of reports in the media about massive layoffs to be affected by the bank, as part of efforts to implement the Purchase and Assumption transaction it undertook following the recent distress of five (5) banks.

The statement said, “CBG informs the general public that it has established an integration roadmap with the objective of rightsizing the branch network and rationalizing headcount amongst others”.

It explained that “whilst this may involve some reduction in headcount, management is taking steps to ensure that this does not impose undue hardship on its staff”.

Mr. Wilson Addo said “a core part of this integration and rationalization exercise is career training programmes for all staff who may be exited as a result”.

 “CBG is also finalizing a plan for affected staff to transition to other economic models which will enable them provide essential outsourced services to the bank where appropriate”, it added.

The statement assured that “CBG is an indigenous bank with a strong balance sheet, well-positioned to protect the best interests of our depositors and staff. We look forward to an enduring partnership with all our stakeholders and to building an entity that will transcend this generation”.

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