Consolidated Bank offloads 1,700 workers

Consolidated Bank offloads 1,700 workers

About 1,700 employees of the newly established Consolidated Bank Ghana (CBG) Limited will lose their jobs by the end of September this year.

Out of the number, 700 were mobile bankers of the erstwhile BEIGE Bank, while 1,000 were former employees of the Royal Bank, the Construction Bank, uniBank and the Sovereign Bank who were transferred to the CBG under a purchase and assumption (P&A) agreement approved by the Bank of Ghana (BoG) on August 1.

According to sources close to the CBG, the lay off was part of the business rationalisation programme of the new bank to reduce its current operational cost of about GH¢60 million per month and reduce staff numbers by a minimum of 1,700.

The bank’s total outlets are also expected to reduce to around 120 from the current 191 branches under a far-reaching exercise meant to make the state-owned lender efficient and agile.

The Daily Graphic understands that GH¢60 million is the estimated cost of salaries for all the 3,700 staff and the maintenance of all the 191 branches and outlets of the five banks that the CBG took over on August 1, this year.


With over 3,700 members of staff in 191 branches, CBG is overstaffed, compared with the likes of the GCB Bank, which has 1,915 workers in 185 branches; Ecobank Ghana, which has 1,575 workers in 67 branches and the Fidelity Bank, which has 1,027 workers in 75 branches.

The rationalisation of the CBG is, therefore, meant to bring its staff numbers and wage bill to the levels pertaining in the banking sector.

One source told the Daily Graphic that while the 700 former employees of the BEIGE Bank would be disengaged by the end of August, the other 1,000 workers would be served their termination letters in September this year, after spending virtually two months with their new employer.

After the August 1 takeover, staff of the defunct banks were informed that their employment status would be assessed and their fate determined within two months.

Just like the affected employees, the branches and outlets belonged to the BEIGE, Royal, Construction, uniBank and Sovereign banks but were transferred to the CBG under the P&A agreement. Essence of rationalisation The source told the Daily Graphic that the rationalisation was aimed at trimming down staff numbers and branch networks of the bank to acceptable levels to help make it efficient and solid to be able to survive in a fiercely […]

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