GCB Bank has told Citi Business News a total of 420 workers lost their jobs after it took over the defunct UT and Capital banks two years ago.
This was after the workers did not meet the requirements set by the bank.
The disclosure was made when the company took its turn at the Facts behind the Figures session at the Ghana Stock Exchange.
According to the management of the bank, 300 workers of the defunct banks were initially affected by the redundancy exercise while another 120 were asked to go home having failed to meet GCB’s requirements.
The explanation follows multiple reports of the bank laying off a high number of workers it inherited from the two banks.
Addressing the issue, Managing Director of the Bank, Mr. Ray Sowah said the workers were only asked to leave after they failed to meet the needed requirements by the bank.
“We had people who before February 5, 2018, were not considered layoffs because they were not our members of staff. They were people that we have assumed and we had the mandate to rationalize. All the 120 people who were let go were not let go because we didn’t want them, it is simply because they didn’t meet our requirements,” he explained.