Access Bank slashes salaries of staff as coronavirus slows economy

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Employees of Access Bank Plc, one of Nigeria’s top commercial lenders will take a pay cut as the coronavirus hampers economic activity in the country.

Access which presently has a workforce of about 30, 000 after it took over rival Diamond Bank in April last year had assured staff that it would not cut workforce.

“The pay cut will ensure that there are no job losses,” a senior official of the bank who asked to be anonymous told newsmen.

Several top companies in Nigeria and globally are either sacking, furloughing staff or slashing salaries to keep costs down as the coronavirus pandemic disrupts global trade and commerce.

Herbert Wigwe, the bank’s CEO in a podcast to staff seen by newsmen, said the adjustments are needed at this time and that he would take a pay cut of about 40%.

The pay cut is expected to begin with May salaries if economic conditions remain the same, the official added.

Source: Today NG

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