Diamond Bank Sacks 200 Workers

As the economic challenges affecting the country continue to batter the financial services industry, Diamond Bank Plc has fired 200 members of its workforce.

This is coming two months after the bank announced that its profit before tax for the first quarter of this year fell to N6.04bn from the N7.94bn it recorded in the first quarter of 2015.






The slowdown in the economy has fueled a high non-performing loan rate in the banking system, causing banks to record sharp decline in their profits for 2015 financial year and the first quarter of 2016.

Diamond Bank was said to have fired the affected workers last Friday.

Confirming the development in a statement on Tuesday, the bank said the sacking of the 200 workers was in line with its strategic plan to drive shareholders’ value.

The statement: “In the bank’s last appraisal, only 200 staff whose performance scorecards were adjudged to be lower than the minimum required to drive its strategic growth plan for the business year were relieved, with the opportunity to seek employment in other organisations where their respective skills set and individual performances could be enhanced and optimised."