Tuesday, April 16, 2024

Standard Chartered to lay off hundreds of employees

Standard Chartered Bank Botswana is expected to lay off about 200 employees in the first quarter of next year. Botswana Bank Employees Union BOBEU says it is worried about the secrecy surrounding the retrenchment. Information reaching this publication suggests that tempers flared at Gaborone City Town hall on Thursday evening when the staff was briefed about the retrenchment that is expected to commence sometime early next year.

It is reported that the bank is considering laying off about 200 employees ranging from senior managers, middle managers as well as junior staff but mostly to be affected are senior managers.

It is further stated that the bank will close down its branches in major villages across the country as part of the exercise. BOBEU Secretary General Lebogang Leabetswe confirmed the planned retrenchement in an interview with Sunday Standard. She revealed that last week BOBEU and Standard Chartered representatives held an emergency meeting to discuss the looming restructuring plan.

“It is unfortunate that it appeared that the representatives seemed to be hiding information from. BOBEU requested a meeting with the bank after hearing such allegations but failed to provide us with concrete answers,” she said. She said as the union they are very worried about the secrecy surrounding the restructuring process because the bank is not clear on how the exercise will be conducted as well as how many people will be affected.

“I wouldn’t want to speculate the exact number that is expected to be laid off but I believe it is a considerable number,” Leabetswe said. She said after the meeting both parties agreed that they will have another meeting on the 6th of January next year where they expect to be provided with detailed information about the restructuring exercise. At the time of going to press Standard Chartered bank had not responded to this publication’s questionnaire.


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