420 workers of UT, Capital banks were fired after GCB takeover according to the bank's MD

The Managing Director of GCB Bank Ray Sowah says a total of 420 workers lost their jobs after it took over the defunct UT and Capital banks two years ago.

Ray Sowah

He said that this was because the workers did not meet the requirements set by the bank.

The disclosure was made when the company took its turn at the Facts behind the Figures session at the Ghana Stock Exchange.

It was explained that 300 workers of the defunct banks were initially affected by the redundancy exercise. The remainder 120 were dismissed for failure to meet GCB’s requirements.

This explanation is coming after numerous reports indicated the GCB Bank has laid off a high number of workers it inherited from the two banks.

However, Mr Sowah said the workers were only asked to leave after they did not meet the necessary requirements of the bank.

“We had people who before February 5, 2018, were not considered layoffs because they were not our members of staff. They were people that we have assumed and we had the mandate to rationalize. All the 120 people who were let go were not let go because we didn’t want them, it is simply because they didn’t meet our requirements,” he explained.

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