Business News of Mon, 27 Aug 201823

Consolidated Bank sacks over 400 former Beige Bank staff

At least 400 workers of defunct Beige bank are set to exit the company from Monday (August 27, 2018) following a restructuring by the managers of the Consolidated bank.

Citi Business News understands that the workers are mostly micro banking staff of the erstwhile bank.

The directive was contained in a memo circulated to all members of staff last Friday [August 24, 2018] and sighted by Citi Business News.

The affected workers comprise tellers as well as field service operators who were responsible for the collection of deposits of majority of Beige bank’s customers who are in the informal sector.

The staff also liaised with the branch officers for withdrawals and other services so required by their respective customers.

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Exiting staff given two week clearance notice

The affected workers have a two week window to clear themselves and account for all the company assets.



This spans from Monday, August 27 to Friday, September 7, where they are to reconcile and hand over all documents on all the accounts of their clients to the bank.

The move is affecting all staff across the country, numbering about 490.

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Already, all workers of the five defunct banks now under the Consolidated bank, are to undergo a skills set by the end of next month to determine their stay or exit from the bank.

It is unclear whether this is part of a broader retrenchment exercise expected due to the consolidation of the five banks.

Government to reduce impact of layoffs?

The government has however assured of working to ensure that workers to be affected by layoffs in the Consolidated bank are not worse off.

Deputy Finance Minister, Charles Adu Boahen earlier hinted of the modalities to be adopted.

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“We could get some of the staff to set up a car rental company then we hive them off to run this company; lease the cars back to this back and we rent the cars. We can do same with security and catering services… before you realise, you have set up maybe five or six indigenous Ghanaian own businesses of people who are providing services to the bank and we save some jobs,” he noted.

Meanwhile, the managers of the Consolidated bank says it will duly inform customers to avoid dealing with field bankers effective immediately and urged them to visit the respective branches for answers to all concerns.

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