As part of its restructuring to reposition the bank for greater heights, Diamond Bank Plc has laid off some of its staff classified as non-performers, while it increased its staff compensation scheme.

MD, Diamond Bank, Alex Otti

In an internal memo titled: “Review of Compensation Package and Consequence Management” addressed to all staff by its Human Capital Unit, the bank stated that in line with its organisational vision statement and the need to only retain the best people in the system, it has relieved some staff of their duties with immediate effect.

“In line with our organisation’s vision statement and our need to only retain our best people, please find below a list of staff members who have been disengaged from the organisation with immediate effect in view of their unacceptable levels of performance,” it said.
According to a reliable source, the rationalisation affected some top management staff including Mr. Humphery Akachukwu who was until his sack a general manager in charge of compliance and security.

The list also affected about 97 other staff from the level of manager and below.

The source further stated that the bank informed its staff that in line with management’s promise, its compensation package had been approved by the board and that it would take retroactive effect, adding that a separate performance management system utilising the balance score card method will be introduced in the banks soon in order to compensate staff members who will be identified as high level achievers via bonus payment.

“It was a mixed reaction in the bank as some were happy that their salaries have been increased, while others were groaning over their sack,” she said.

All efforts made to reach the bank’s head corporate communications on the sack were abortive as her official line was switched off.

Meanwhile, the sack coincided with the bank’s 21st annual general meeting, which was held in Lagos where its Group Managing Director/Chief Executive Officer, Dr. Alex Otti, said that the move by the National Assembly to tinker with the autonomy of the CBN was ill-advised.


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