About 100 workers of First Atlantic Bank are set to exit. 

This follows the decision by their new owners First Atlantic Bank to restructure the “merged” entity.

The First Atlantic Bank and Energy Bank merged during the Banking sector cleanup.

The two instructions were merged recently, with First Atlantic Bank having the controlling stake. This was due to Energy Bank’s challenge at meeting the new minimum capital requirement of ¢400 million. 

Details of the proposed layoffs

JoyBusiness understands that about 100 workers of the merged entity are expected to go home. 

Sources at the bank say about 75 per cent of these workers are from the former Energy Bank, with the remaining 25 per cent coming from First Atlantic Bank. 

At a meeting this week, JoyBusiness understands that management proposed a month’s salary multiplied by the number of years served as part of a severance package which the workers are disputing.  

JoyBusiness is learning that the news was communicated to these affected workers this week. 

However, most of the workers are raising issues with the package being offered. 

But according to persons close to the management of First Atlantic Bank, the action was needed because of what they described as duplication of roles as a result of the merger between itself and Energy Bank.

They also argue that the move was based on a review done by an independent consultant and the recommendations adopted.  Management of First Atlantic Bank insist has been fair to all.

Some of the affected workers have argued about the approach of management of First Atlantic Bank and the fact that they did not really negotiate with them on the package being offered. 

There are also concerns about whether this planned redundancy is going against some ‘gentleman’s agreement’ reached with the Bank of Ghana after First Atlantic Bank merged with Energy Bank.  

JoyBusiness has learnt some of the workers are not completely satisfied with the package.

The bank, however, maintains it has done its best for the workers in view of its determination to ensure the viability of the entity.