Access Bank Cuts Salaries Of Staffs As Coronavirus Slows Economy

Access Bank Plc workers, one of Nigeria’s largest commercial banks, will be taking a pay reduction while the coronavirus hinders the country’s economic development.

Access which presently has a workforce of about 30, 000 after it took over rival Diamond Bank in April last year had assured staff that it would not cut workforce.

“The pay cut will ensure that there are no job losses,” a senior official of the bank who asked to be anonymous told newsmen.

Several top companies in Nigeria and globally are either sacking, furloughing staff or slashing salaries to keep costs down as the coronavirus pandemic disrupts global trade and commerce.

Herbert Wigwe, the bank’s CEO in a podcast to staff seen by newsmen, said the adjustments are needed at this time and that he would take a pay cut of about 40%.

The pay cut is expected to begin with May salaries if economic conditions remain the same, the official added.

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