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First Atlantic Bank to lay off some workers after merger with Energy Bank

BY: Graphic Online

About 100 workers of First Atlantic Bank are set to lose their jobs following the decision by the new owners to restructure after the merger with Energy Commercial Bank.

The First Atlantic Bank and Energy Commercial Bank merged in 2018 during the banking sector cleanup.

The redundancy is as a result of duplication of roles after the merger and the issue of layoffs is still being discussed, Graphic Online has gathered.

Graphic Online has also gathered that the majority of the staff to be laid off are from the former Energy Bank and that the First Atlantic Bank has the controlling stake in the merger.

However, sources have hinted the process affects staff of both pre-merger entities and is fair to all stakeholders.

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Some insiders have said the layoffs were anticipated from day one since it is quite normal.

The review is said to have been done by an independent consultant and the recommendations have been adopted but the process of negotiations are still ongoing and will be completed soon, Graphic Online gathers.

Among the issues being discussed as part of the lay off is a consideration for a proposal for a month’s salary multiplied by the number of years served as part of a severance package.

The affected workers are said to have rejected that proposal after it was communicated to them last week.

Related story: The First Atlantic Bank growth