Too Bad: First Bank of to sack 1000 workers

If you work at First Bank, this is a scary news. Get a doctor beside you!
First Bank Nigeria Limited a subsidiary of FBN Holdings Plc, is planning to let about 1000 workers leave. The financial institution are doing this so as to focus less on providing loans to the oil industry in a bid to reverse  the 2015 financial year’s 82% fall in profit.

The lender expects to boost its return on equity, to between 11% and 14% in 2016 from last year’s terrible figure of 3%.
This was made known by the Chief Executive Officer of First Bank of Nigeria Limited, FBN’s main subsidiary, Mr. Adesola Adeduntan.



According to him, the company was also targeting a cost-to-income ratio of 55% in two years time from 59%.

“ROE will be much better than last year,” Adeduntan said in a telephone interview from Lagos on Wednesday.

“At a minimum, we should triple it. We do not shy away from taking difficult decisions. We used to have above 8,000 people. We’ll push it down, gradually to 7,000,” he added