First City Monument Bank Limited (FCMB) one of the banks currently being investigated simultaneously by the EFCC and CBN is beginning to fall apart.
Our checks reveal that FCMB has closed down some of its branches and sacked staff of those branches.
Huhuonline.com gathered that the branches affected were those formerly owned by Finbank, which was acquired by the bank.
Recall that FCMB acquired FINbank Plc in 2011. During the acquisition, FCMB’s GMD, Ladi Balogun, said the enlarged institution(FCMB AND FINbank) will create unique opportunities for career growth and enlarged responsibilities for many staff of both banks.”
Although calls to officials of the bank were not responded to, it was gathered that the management of the bank resolved to rationalize some redundant and unviable branches of the acquired bank, especially where there were two or three branches in the same area because of the current state of the economy.
A source said while some staff members of those branches were seconded to other branches, majority were relieved of their duties.
It was also gathered that many of those who got the sack were those with issues.
