HFC Bank records losses

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• Anonymous Branch manager 7 years ago

  HFC as affectionately called Home Finance since its inception has been bedeviled with lots of issue after the new management took over the mantle of leadership.
  Old Regime:
  Home Finance was seen as bank of choice in terms ...
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  HFC as affectionately called Home Finance since its inception has been bedeviled with lots of issue after the new management took over the mantle of leadership.
  Old Regime:
  Home Finance was seen as bank of choice in terms of housing by all and sundry. Under the tutelage of Asare Akuffo , Akita and Martison ( all respected executives) , activities of the bank were very competitive with senior and junior staffs working to raise the dignity and enhance performance of the bank. Shareholder maximization well paramount to the bank . As such, the distribution of salaries and other incentives were tailored to suit staff taste . The grading system for salary gap were not huge . The levels were clerk(1-3) sub officer (1&2) - officer (1-3)- senior officer (1-3)- assistant manager (1-3) , manager (1-3) and senior manager (1-3) . Transfers of staff from one branch to other branch ( outside jurisdiction ie Legon - Swedru ) were accepted in good faith since the monetary perk attached was good . Car loans were accessible after the person has meet the conditions and satisfaction of confirmation for the job. Staff were accorded the respect due and was reciprocally given to top managers too (camaderie) . For a staff to resign from the bank, staff will have a second thought before taking such decision. Etc
  
  New Regime :
  The takeover by Trinidad group headed by their army commander Robert Le Hunte were hailed by some staff as a new era in the banking industry . Robert was seen as doyen and pundit when it comes to mergers and acquisitions ( some other staff resisted the takeover since was too predatory). The Trinadad started well by restructuring ( overhauling ) the old regimes methods of governance by introducing some new processs and procedure into the system (Bait) . They started well by reviewing the grading system ( old ) and replacing with a new one . Scores postulated that a respected Human Resources company was contracted to undertake such exercise( B1- B14) . This was fairly done since the contracted org consulted each department to solicits indepth information (tasks and schedules ) . However, some senior managers and general managers who were not pleased with the new fairly graded colluded with the contracted organization to make serious amendment. This led to massive agitation with some daring to leave the bank. Some heads of department not satisfied fought for their satff whilst others were adamant . Lots of forum were organized to sensitized staff but nothing was achieved .
  
  Bank Loss:
  Per AGM, most of the shareholder were angered by the losses recorded previous and current financial years ( consolidated profit and loss account ) . Shareholders raised some queries why this happeened . Management convinced shareholders by giving them mixed financial reports . As such no bonuses were announced and staff envisaged no promotion ( moving from one band to another B5 to B7) irrespective of achieving targets .
  Robert flouted this rules and went ahead to give credit to favorites by rewarding them with bonuses and promotions. Some staffs were dissatisfied and disappointed under this new CEO showing broad day biases at the neglect of others . Robert has no respect for Ghanaians. Robert came in to make staff miserable . Robert is seen as womanizer ( sleeping with some ladies of the bank - fair lady who left and another lady who had been promoted- ISL) .
  Staff re not putting in their best cos of this traitor leadership. Most of industrious and experience staff has left due to bad management exhibited by Robert and his management team . Some re calling for Robert resignation . Some of General Managers ( Finance ) should resign. The GM - Finance ( gossiper) is not on top of his job. GM Finance is saboteur to the bank .
  
  Solutions :
  The Board should zoom their camera ( eagle eye ) on the activities of the bank . Per corporate governance , independent Board should be equipped with the necessary too to do their work .
  The Board should bring in new CEO ( not biased ) .
  The Board should replace GM Finance immediately . Staff grading system should be revisited and reviewed immediately. Management should be tasked to bring more business on the table rather than giving them fats allowance and salaries ( rent , water , phone, fuel ) . The Trinidad group should respect the culture of doing business here and treat staff well.

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