The Consolidated Bank Ghana Limited has confirmed that it has had to “rightsize” its staff in order to achieve their organisational goals.

In a statement on media reports of mass dismissals, CBG said: “The Management of Consolidated Bank Ghana Limited (CBG) has taken notice of reports in the media about massive lay-o?s to be e?ected by the bank, as part of e?orts to implement the Purchase and Assumption transaction it undertook following the recent distress of five (5) banks.

“CBG informs the general public that it has established an integration roadmap with the objective of rightsizing the branch network and rationalizing headcount amongst others. Whilst this may involve some reduction in headcount, management is taking steps to ensure that this does not impose undue hardship on its sta?.

“A core part of this integration and rationalization exercise is career training programs for all sta? who may be exited as a result. CBG is also finalizing a plan for a?ected sta? to transition to other economic models which will enable them provide essential outsourced services to the bank where appropriate”.

The company is believed to be sacking close to 2000 of its staff.

Below are details of the statement

The Management of Consolidated Bank Ghana Limited (CBG) has taken notice of reports in the media about massive lay-o?s to be e?ected by the bank, as part of e?orts to implement the Purchase and Assumption transaction it undertook following the recent distress of five (5) banks.

CBG informs the general public that it has established an integration roadmap with the objective of rightsizing the branch network and rationalizing headcount amongst others. Whilst this may involve some reduction in headcount, management is taking steps to ensure that this does not impose undue hardship on its sta?.

A core part of this integration and rationalization exercise is career training programs for all sta? who may be exited as a result. CBG is also finalizing a plan for a?ected sta? to transition to other economic models which will enable them provide essential outsourced services to the bank where appropriate.

CBG is an indigenous bank with a strong balance sheet, well-positioned to protect the best interests of our depositors and sta?. We look forward to an enduring partnership with all our stakeholders and to building an entity that will transcend this generation.