Citi Business News has learnt that about 270 workers of GCB Bank have been laid off.
The layoff which is expected to take effect at the end of this month forms part of moves to restructure the bank.
The exercise comes after the management of the bank completed its negotiations with representatives of the local workers’ union of the bank, on the appropriate exit package for the affected workers.
GCB Bank in May 2015 confirmed to Citi Business News that between three and five hundred of its workers will be laid off as part of a restructuring exercise to make the bank competitive.
The processes to lay off workers commenced in 2014 under the leadership of the bank’s immediate past Managing Director, Simon Dornoo.
The negotiations have dragged on for a while due to the heavy resistance from junior workers of the bank who were unhappy with the exit packages being offered them.
Meanwhile Citi Business News sources say the number of workers to be laid off is likely to go up from the original 270 as about 100 workers of the bank have also submitted their names to be voluntarily laid off and paid their exit packages.
The staff strength of GCB bank limited is currently a little above 2200.
GCB Banks finances decline
GCB Bank’s strong financial performance declined in 2015 despite a previous improvement recorded in the previous year.
For instance, profit before tax declined from 382.436 million cedis in 2014 to 350.276 in 2015.
Also, the bank’s profits after tax dropped from 270.057 million cedis to 244.735 million cedis between the same period.
Deposits from customers however increased from the a little above 3.078 billion cedis in 2014 to some 3.368 billion cedis at the end of 2015.
By: Norvan Acquah – Hayford/citibusinessnews.com/Ghana