Tension @ First Atlantic Bank

-More Staff To Be Sacked After Merger With Energy Bank

More employees of First Atlantic Bank, particularly those from erstwhile Energy Commercial Bank are being processed for expulsion by June this year. 

They will largely come from the business departments and units, , according to. In this case, half-year appraisal is being used to get rid of them despite a gentlemen agreement that no staff should be laid off at least for the next two years.

Already, about 100 staff, largely from Energy Commercial Bank who are with the non-business departments and units witnessed an unfair termination of their appointments last week as only a day’s notice was given to them instead of a three months’ notice. Indeed, no clear cut criteria was set to get rid of them, rather management was referring to absurd duplication of roles as reasons. 

The affected staff  however rejected the termination of their offers, calling for laid down procedure with better severance packages including 3 months of every years served, among others.

Presently, there is fear and panic among a cross section of First Atlantic Bank staff, particularly those who have been tortured for long by the autocratic  and arrogant MD/CEO, Odun Odunfa. Mr. Odunfa is believed to be so powerful that everyone in the bank is afraid of him including his executive management members as he unfairly sacks people. According to our sources, he dismisses or forces people he dislike to resign.

Since he became MD/CEO in 2016, many people have resigned with the attrition rate standing at about 100 employees per year. With only four-month into the merger of First Atlantic Bank and Energy Commercial Bank, about 40 people have already resigned with many people expected to follow. Indeed, the work environment is unfriendly, hostile and hellhole, our sources revealed. It is probably the worst bank to work within in the Ghanaian banking space. 

Last week, the bank offered the retrenched staff 1 and half month basic salary of each year served, a 20 percent discount on their loans which it did not fulfilled as payment made into their accounts was not affected by it, one month basic salary in Lieu and a 2000 cedis transport. The staff described that as an insult to their intelligence particularly since they were not given a three month notice to termination. They therefore sought an assistance from a labour consultant who country filed a notice of deferment until negotiations are done and accepted. 

Energy Comnercial Bank had less than 200 employees but the MD of FAB and his cohorts are doing everything to get rid of about 80 percent of them. As part of the plan, he clamped down three branches last week, two which are profitable. They are Tamale, Takoradi and Suame in Kumasi. His plans sources say is to closed down half of 12 Energy Commercial Bank branches which are profitable. 

Stay tuned for more developments.