Zenith Bank is one of Nigeria's largest banks which has a shareholder base of about one million and is the biggest tier-1 bank in Nigeria announced the sack of more than 1,000 workers including eight General Managers and 40 Assistant General Managers sources close to the company have revealed.
The move was said to be part of the bank’s effort to drastically cut down on its top heavy management structure.
President Buhari’s order for the implementation of a Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN) has been fingered as a likely cause of this layoffs with experts predicting we will see more of this in the near future
Many bankers and economic analysts believe that the policy will not go down well with the banks because majority of them rely on the public sector funds for their daily transactions.
For instance, the about N3 trillion public sector funds in the system will now leave the banking system to CBN. This, experts, highlighted will surely create liquidity issues in the banks.will now leave the banking system to CBN. This, experts, highlighted will surely create liquidity issues in the banks.

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