Fcmb reacts to mass sack of workers rummors

As a result of the various policy changes that have affected banking adversely and macroeconomic challenges, volumes of business in various geographies and product areas have reduced significantly. These factors have resulted in the redundancy of various roles. Regardless, we have continued to hire in various areas of the group, particularly those that will drive financial inclusion and provide support for the real sector. One unintended consequence of the current scenario is that we have been unable to redeploy affected staff from some redundant roles. We have thus been compelled to effect a minor reduction in our staff strength. However the affected employees to date are approximately a quarter of the figures being suggested in the press. We will continue to create employment opportunities in the areas that align with our national economic priorities and the growth areas of the financial service industry. We remain optimistic about the long term prospects for the industry and will be a net creator of jobs over the next few years as we expand our franchise to support national priorities such as financial inclusion, import substitution and non oil export promotion.