Some of the staff members of the now-defunct Capital and UT Banks, which were subsumed by GCB Bank, are now out of work after the bank laid them off.
The affected staff members were served with their letters of termination earlier this month and were told they would only receive one month’s salary to be kicked to the curb.
The contracts of about a couple thousand workers of the now defunct Capital and UT Banks have been terminated, reports indicate.
The two banks were recently closed down by the Central Bank due to some financial challenges, and one of the biggest questions was about what the eventual fate of their workers.
The management of GCB Bank is set to downsize staff at the two collapsed banks they have taken over, the CEO has announced.
Raymond Sowah, CEO of the state owned entity, said at a press conference Tuesday that they would conduct a skills assessment test on the employees of the two banks, to enable them decide on who to keep and who to let go.
Rapper Edem has expressed concern over the closure of two indigenous banks – UT Bank and Capital Bank.
Writing on twitter, Edem lamented the troubles of the two banks and said such issues make people lose confidence in our local institutions.
The Bank of Ghana has denied reports that some other banks are in similar situations to UT Bank and Capital Bank.
The shut down of the two and their takeover by GCB Bank has sparked questions over whether other local banks are in similar dire straits and might require action by the Central Bank.
Perhaps for the first time in history, something in Ghana is being done at peak efficiency.
The Bank of Ghana announced the liquidation of Capital and UT Banks earlier today, revealing they have now been subsumed by the state owned GCB Bank.
A statement from the Bank of Ghana has announced the closures of UT and Capital Banks and their assimilation into GCB Bank.
The action has become necessary following capital issues with both banks, which led the central bank to step in with this solution.
