Stella Dimoko Korkus.com: Zenith Bank Slashes Staff Salaries Despite Huge Profits Amidst High Inflation..

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Friday, 2 September 2016

Zenith Bank Slashes Staff Salaries Despite Huge Profits Amidst High Inflation..

Zenith Bank Plc is one of Nigerian’s largest Banks with current shareholder base of over one million and the biggest tier1 Bank in Nigeria.



The Bank is ranked as one of the most profitable Bank in Nigeria with profits of : N99.27Billion in 2014, 105.66 Billion in 2015 and 6months profit of 44.67Billion in 2016.
Given the above robust profitability, handsome global rating and the Bank’s international recognition, one would reasonably expect the best  labour practices and welfare package for the employees who are the key  profit drivers. However, Zenith Bank is the least paying Bank in Nigeria with myriads of anti-labour practices ranging from intimidation of staff, forceful resignation without pay and arbitrary dismissal of workers without due regards to their fundamental human rights. 


 In August 2016,Zenith Bank slashed  worker’s salaries by 30% despite declaring huge profit of 44.67 Billion as at June 30,2016 and also stopped some staff  allowances  without due consultation as labour act 2004 stipulates.



There’s currently an  air of despair and awe among staff members and their morale is low and this may consequently  affect their productivity because according to insiders '' they feel neglected and intimidated'' by the Bank they toil day and night to move forward.



53 comments:

Omowumi Adelaiye said...

That unfair.So bad in this recent economy

Anonymous said...

I think they are trying to avoid laying off ppl.. I don tire oh.. Which way Nigeria... Which ppl will now be buying my market.. This one ppl are losing Jobs or having half salaries

The Sexiest Mother Of This Blog said...

Change is here.. Make una enjoy it to the fullest. Una never see anything . if the youths can't sit up and speak up and pursue those old fools from the govt house, they will continue the blame game.sometimes I do wonder if this country is being remoted by some powers may be witches and wizard cos people are suffering and our youths who they said are the future leaders of this country are just there and they are not doing anything. Most of the people in that govt house re not fit to be there but because they know we can't do anything that's why they keep on misbehaving but when the youths now decides to treat their fuck up they will respect themselves.

School Life said...

So many companies are using the hardship in the country to turn against their staff...

Oya this is what we can pay you, if you think you can't accept it, Quit!!!

The know you'll accept it because the height of unemployment in the country is very high so you wouldn't want to take chances.

Buhari!!! Buhari!!! Apc!!! Apc!!! This is how ezewanyi n Ezenmo are chanting your names in their shrine cus it has affected them too... No more chicken and goats for sacrifice. Infact, the god's are also hungry.

Emperor Julius Caeser said...

Banking don cast
Atleast dey didn't sack
At all at all na im bad pass

Ideato/ilaje blood said...

This is why I hate the banking industry and can never work in that industry.

Apart from forcefully dressing corporate to work, you toil day n night, neglecting one's self at the end of the day, this is what they deem fit to reward staff.

If I am not a Regional manager or an admin or HR in any bank, I can never Be a banker.

nzube izuu said...

Some companies are laying off staff, other are slashing salaries. These are survival measures. Is it not better to have a salary cut than unpaid salaries or even sack? It's not just a Zenith bank affair, it cuts across all. Nigeria needs divine intervention.

James said...

Sai Change. Sai Baba Buhari

redbotafly said...

Some people wil be scared to sleep n wake up next mornin cos they dnt kno wat they wil wake up to.

White Diamond said...

Seriously, gone are the days when working in the banking sector, was something major.

God dey!

#WhiteDiamondOut

Victoria Oddiri said...

If d staff feel neglected, resign and c others grab d job.




OLORI said...

Hmmmm....no comment

Stranger said...

It is unfortunate if true but nothing will happen as people will continue to suck it up. Na things like this dey encourage fraud.

Loveme Jeje said...

eayha. Change is here to stay.

Let my company not see this. Anyway ours were increased. What a mighty God I serve.

Zenith bank it is only 30% now. Make una manage. so many people are willing to even take 50% cut self.

Anonymous said...

No one will employ you in a bank with your mentality.

CrazyHornyWife said...

It's berra than sacking people.

Anonymous said...

Afterall the stress Zenith do with their aggressive marketing. A bank is one of d worst places to work. They give you unreachable targets and expect u to perform magic. you dont have the luxury of having peace of mind. And when they have their Monthly Performance Review where all ur colleagues, the BMs,the Regional Manager, human resources come together...it is bloody. You stand in front of everyone and present your performance and the bashing begins. Some people cry while standing there and receiving insults. Its a day people dread but it must come and its better to be fatally ill than to attend. Cos u have to be very very ill or in ur dying bed not to attend.
But u think about the money they are paying and still decide to stay. Afterall, there are people out there that would kill to have a job and take ur place.

Brown Sugar said...

Joblessness shouldn't make you so insensitive! Good things happen to good people.

SteffySoFynSoFly said...

My mini boo works there oooh. Chai
*calling him now*

Mama Afrika said...

Really sad, although in my opinion it is still better to cut salaries than to retrench workers.

HOUSE OF LAWOF said...

They are trying to make more profit, they know no staff will resign and they will still work hard to avoid sacked. Even if you decide to resign someone else is ready to take the job at a lesser salary. May God help us in this country

Anonymous said...

It is everywhere not only ZBN.




Mother Nature.

Mao Akuh said...

Slashing of salary is better than sacking.

Anonymous said...

You cant blame the banks, you have to face the reality on ground. The economy is not favourable to anybody. My company, any little thing you are off but i respect them even in the midst of this hardship, we still get your salaries just that instead of on the 26th of every month it is now 1st or 2nd of new month.

Imported Suzzy Lalaagbon said...

That's far better than downsizing.. they are still fighting to cater for all instead of thrashing them back to the labour market..

Anonymous said...

SEXIEST MOTHER SO YOU STILL HAVE NOT REALISED SINCE ALL THESE YEARS THAT BY AND LARGE NIGERIA AND AFRICA AS A WHOLE IS CONTROLLED BY WITCHES, PLEASE WAKE UP AND SMELL THE COFFEE AND JUST FAST AND PRAY FOR GOD'S COVERING OVER YOUR OWN FAMILY, I GOT THE REVELATION MORE THAN TWENTY YEARS AGO THAT AFRICA IS RULED BY DARK FORCES STALLING AND FRUSTRATING GOD ALMIGHTY'S PLAN FOR THE CONTINENT, THE PRINCE OF PERSIA IS REAL MY DEAR AND AFRICANS BEING BASICALLY WICKED HAVE BEEN THE DEVIL'S FODDER, JUST PRAY FOR YOUR OWN LIFE AND FORGET THIS CONTINENT, IT WILL REMAIN THE SAME FOR GENERATIONS AFTER US, OLORUN A BA WA BA ESU WI.

Adadioramma said...

Funny

Adadioramma said...

Ideato the dreamer, you know where you belong Aunty.

stunning slim shady said...

*singing* Shey na like ds we go dey go? *singing* see wetin CHAnge dey cause. Sai Baba, Sai hard times.

Adibuah Felix said...

60million naira target. From where na? Maybe I should go back in time and look for King Solomon and Job to help me meet target. Idongerit! On top how much salary per month?

Anonymous said...

SMH at all your uninformed comments. How much were they earning before the salaries were slashed? I dare the complainants to show us their salary schedules. They themselves acknowledge the fact that they earn 'armed robbers salaries'. Their words, not mine. Whatever they will earn after the so called slash will still be mouth watering. They should not complain, please.

PORTABLE VIV the beautiful n sexy queen of sdk blog said...

My dear,even the youth are selfish n greedy!

Anonymous said...

Dats d price of greed. Rubbish bank, rubbish job. I ll rather be broke with peace of mind, than keep that stupid job. I quit sometime last week, my former colleagues think I am mad or I secretly got another job. But No, am not just that greedy.

Anonymous said...

enya, despite all the fuck wey their staff dey fuck to reach their target

Naya Nuel said...

U can't ve a target of 60m as a full staff, except u r a contract staff. Full staff target is from 300million up. 60m no be target Na, how possible??

Starjoy said...

I guess they did it so as not to lay off some workers.

Anonymous said...

They became rich by keeping stolen money. How would one get N300m target from clean people? Now that change has come, everyone is running with their money.

Anonymous said...

IT IS A WICKED SYSTEM TRUST ME.. SELFISHNESS AND GREET...THE ANGER IN THE STAFF OF THE BANK WILL HUNT THEM FOR LIFE.. THEY GREEDILY SHARE THE HUGE PROFIT DECLARED AFTER TAX AMONG THEMSELVES AND WICKEDLY STILL TAKE FROM THE POOR... THEY ARE ONLY POISONING THE MINDS OF THE DILIGENT WORKERS WHO ARE SLAVING FOR THEM.. THAT SHOWS OFF WITH THE RATE OF INCREASED FRAUD IN THE BANK.. LEADING TO DAILY SACKING OF STAFF.. LET US SEE FOR HOW LONG THEY CAN KEEP ON WITH SUCH ACTS....KARMA WILL SURELY CATCH UP WITH THE GLUTTONS...

Anonymous said...

Wettin concern me ... Stopped earning naira over a year ago. Strictly cashing in dollars now

Anonymous said...

Thank you! Unless u working for a top bank like GTB, diamond or access. The rest are hungry bankers. U see them looking sharp in suit with empty pockets

Anonymous said...

Anon 13.55 good luck quitting your job in this tough times. Cos getting another job will be hell ,.. There are no jobs anywhere. Unless u have connections or plans to start up a business

Anonymous said...

Madness! I can't be a marketer. All the men would have been wanting to sleep with my fine ass

Anonymous said...

Hello stella, salaries were not slashed, only taxes were increased. Before now we were only taxed on our basic salary not allowances, now we are paying taxes on our total package. And yes, as far as I am concerned, we earn arm robber salary. I use to earn a salary of 431k now it's 367k. In addition I get paid 1.7mil,as upfront every January, Xmas bonus of 200k,leave allowance of 350k every year. And there are people who earn far higher. The bank has been more than fair to us. Let those disgruntled staff resign and look for another job that pays so well. I know how much other people earn, even bankers. Zenith is not the least paid bank, and they hardly sack except on basis of fraud. Most people who left zenith to other banks have all been sacked. Marketing is stressful everywhere not only in zenith bank, I have friends in other banks and we all share same experiences. And zenith is the bank with the most professional staff. Other banks use mostly contract staff and few professional ones. All these allegations are false and baseless. Stella don't believe a word. They don't tell you to resign except you commit an infraction. Zenith is the best bank to work in abeg. People should fear GOD.

Anonymous said...

Thank you Dear. I employ them. They are greedy, selfish, lazy and wicked! God help Nigeria. Leadership is bad and our youth are bad!

Anonymous said...

Lol!

Anonymous said...

They should all kneel down in public.

Anonymous said...

They should all kneel down in public.

Shyla said...

Baba God I thank you. My madam just increased my salary with better increment. Sey as things don yapa for economy, that it will affect cost of items. Oya I go increase your pay, she says. God I thank you.

Anonymous said...

U don't know what you r talking about!!!!

Anonymous said...

I don't know why some people are drinking panadol for another person's headache. Are the staff complaining? Marketing is not compulsory and if you cannot meet the target its better to resign

Anonymous said...

I don't know why some people are drinking panadol for another person's headache. Are the staff complaining? Marketing is not compulsory and if you cannot meet the target its better to resign

Anonymous said...

Thank you my sister. Proudly zenith bank staff too. God bless Zenith Bank!

Anonymous said...

Hey bro, give me heads up on how you cash in dollars so far it's legit. My email is successpowerhouse@gmail.com. Thanks.

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