UT Bank has taken a strategic decision to reduce its headcount to meet current market demand and continue to build a strong brand in today’s competitive banking industry.
During the second half of 2015, the Bank began implementing a Turnaround Plan to restore the bank to its former glory of a lead bank for SMEs, and this announcement is another major step in achieving the objectives set out in the Turnaround Plan.
The Bank, at recent staff durbars informed staff that reducing the headcount is a critical part of the Plan and the Board of Directors have now given the approval to initiate the process.
As a caring organization, the bank has made arrangements to ensure that staff transition as smoothly as possible.
To mitigate the impact of this exercise the Bank has prepared generous severance packages for the affected employees and has even gone a further step ahead to arrange the provision of services to help affected employees make their next career move.
Such services will be provided for one month after the exercise.
“We implore all remaining employees to be empathetic and supportive of affected colleagues.
At the same time, it is essential that we work to avoid disruption to the business because of this exercise.
We count on you to ensure that our customers continue to receive seamless service,” a statement from the Bank said.
The Turnaround Plan was started under the then departing head of the Bank, Mr. Prince Kofi Amoabeng and gathered steam under the new CEO, Mr. Stephen Antwi-Asimeng.
Since the introduction of the plan, the Bank has over the last few months made steady progress in returning to profitability despite experiencing financial challenges in 2014 and 2015 which culminated in the recording of operating losses in the first half of 2015.
The Turnaround Plan saw structural changes at the senior management level and also includes several other elements such as loan recovery, deposit mobilization, improved risk management, additional capital injection and aggressive cost reduction.
Source: B&FT Online