Nigerian commercial bank, Access Bank Plc is planning to cut staff salaries to avoid laying off as coronavirus continues to ravage the world and affect global economies, Bloomberg reported.
Recall on Thursday, April 30, it was disclosed that as a result of the COVID-19 distress, Access Bank plans to lay off 75% of its Staff.
Bloomberg on Friday reported that “people with direct knowledge of the matter” said the pay cuts are expected to start from May unless business conditions improve.
The sources who were briefed on the matter during a conference call and asked not to be identified because they’re not authorized to speak publicly said some management members will get as much as a 40% decrease.
Access Bank had 6,898 permanent staff at the end of 2019, according to a presentation on its website.
A video circulating on social media platforms reinforces the claims. Within Nigeria can not categorically confirm the authenticity of the footage.
Access Bank spokesman declined to comment when contacted by Bloomberg.
In a related development, Nigerians took to social media to react to the news of one of the country’s commercial banks, Access, plans to lay off 75% of its work force.