Access Bank
Access Bank

The Access Bank PLC is planning to cut salaries of its workers to prevent job losses as lockdown occasioned by coronavirus has drastically affected its income.

According to several report,  the reductions were expected to start from May unless business conditions improve.

GoldenNewsNg gathered that this was made known by the MD/CEO of Access Bank during a conference call, stating that some management staff would get as much as a 40% decrease in their salaries.

Although A spokesman for Lagos-based Access Bank declined to comment.

Nigerian banks are facing the threat of rising bad-debt levels as a crash in oil prices and the risk of a naira devaluation coincide with the Covid-19 pandemic that has shuttered businesses.

Access Bank, which acquired rival Diamond Bank Plc last year, had 6,898 permanent staff at the end of 2019, according to a presentation on its website.

The acquisition partly contributed to a 31% increase in operating expenses. Personnel, recruitment and training costs account for more than a third of overheads after the deal boosted employee numbers and resulted in “wage harmonization” across the business

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