The Group Managing Director/CEO, of Access Bank Plc, Herbert Wigwe, has announced a 40% slash in his salary as the effects of Covid-19 takes a toll on business.
Mr. Wigwe in a video call with employees said – “I will be the first to take the hit and I’m going to take the largest pay cut which will be as much as 40 per cent. The rest I will have to cascade right through the institution. Everybody may have to make some adjustments of some sort.”
He also hinted at an impending mass sack that he says will affect mainly outsourced staff, whom he says constitute some 75 per cent of the bank’s workforce.
He equally announced what he described as unavoidable branch closures as part of measures to keep Access Bank afloat in the post-COVID-19 pandemic era.
The Access Bank GMD is seen in the video saying: “We don’t need as many security men as required. Even to the fact that we are not going to have all of our branches open between now and December.
“We certainly don’t need all the security men, we don’t need all the tea girls; we don’t need all the tellers, etcetera. So, that number of staff which represents 75 per cent of our staff strength, is one that, I think, we basically need to speak with their employers with the view to getting them to rationalise to the levels that we think will be necessary to basically sustain a mean but actually customer-service oriented institution.”
A top source at Access Bank confirmed the authenticity of the video.
(Edited text excluding caption courtesy newsexpress.com)