About a thousand seven hundred (1,700) employees of the newly established Consolidated Bank Ghana Limited (CBG), will lose their jobs by the end of next month.

Out of the number, 700 were mobile Bankers of the erstwhile BEIGE Bank, while a thousand were former employees of the Royal Bank, Construction Bank, Unibank and Sovereign Bank, who were transferred to the CBG under a purchase and assumption agreement approved by the Bank of Ghana on August 1, 2018.

According to sources close to CBG, the layoff was part of the business rationalisation programme of the new Bank to reduce its current operational cost of about 60 million Ghana cedis per month and reduce staff numbers by a minimum of a thousand 700.

The Bank’s total outlets are also expected to reduce to about 120 from the current 191 branches under a far-reaching exercise meant to make the state owned lender efficient and agile.

Meanwhile, the Industrial and Commercial Workers Union (ICU) has initiated moves to help the contract workers whose contracts have been terminated by the Consolidated Bank.

Some seven hundred contract workers of Beige Bank were Monday handed their dismissal letters by the Consolidated Bank.

Workers of the Bank were unilaterally given a 60 days probation but this development has sparked some concerns.

Speaking on GBC’s Radio Ghana, General Secretary of ICU, Solomon Kotei said documents will be looked at to see how best to assist the aggrieved workers.

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