Consolidated Bank slashed our allowances by 60% – Former Beige employee

A former staff of defunct BEIGE Bank, has revealed that Consolidated Bank Ghana Limited slashed their allowances by over 60 percent.

Speaking on the Citi Breakfast Show on Tuesday, she said they were shocked when they found out that such a considerable margin had been slashed from their allowances.

“Our salaries were paid. We were paid last Friday, but we were paid less. We had about 60 to 70 percent reduction. No explanations were given as to why our salaries were reduced.”

“In BEIGE bank we had our basic salary, and we also had our allowances comprising of a number of things. Now about 60% of our allowances were reduced and then the remaining 40% added to our basic [salary], taxed and paid,” she lamented.

Five banks consolidated

The Bank of Ghana earlier in August 2018 revoked the licenses of five struggling banks and merged them into one and named it Consolidated bank Ghana limited.

The affected banks included uniBank, Sovereign Bank, Construction Bank, Royal Bank, and Beige Bank.

The Central Bank explained that some of the affected banks obtained their licenses using dubious means and had non-existent capital adding that whereas some breached cash reserve requirement, others had their shareholders engaging in supposed suspicious transactions.

Consolidated bank to sack 1,700 staff

Consolidated bank is already parting ways with about 1,700 out of 3,700 of the workers it inherited from the five collapsed banks as part of a staff rationalization drive.

The affected workers include 700 mobile bankers of the erstwhile BEIGE Bank, while 1,000 are former employees of the Royal Bank, the Construction Bank, uniBank and the Sovereign Bank.

We’re living in fear

The former Beige staff complained that they currently do not know their fate with the newly formed Consolidated Bank which is on a staff rationalization drive.

“It’s been exasperating, it’s been full of anxiety, tearful and you don’t want to be in our shoes right now.  About 700 of the micro banking team were sent away last Friday. They are in the process of handing over assets belonging to the bank and say goodbye.”

“Now the banks are fewer so those of us who would not be fortunate to be taken on by Consolidated Bank might have to go to the other banks if there are chances. But listening to UT and Capital bank staff who are still struggling, it puts a lot of fear in me that will I find myself in the career I wish to pursue as a banker or I need to diversify into another field of endeavor,” she added.

Source: Citi Business News

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