The Ceo Of Access Bank Mr Herbert Igwe has earlier announced the 75% reduction in staff and 40% cut in salaries.

Access Bank acquired rival Diamond Bank Plc last year and that partly contributed to a 31% increase in operating expenses. Personnel, recruitment, and training costs account for more than a third of overheads after the deal boosted employee numbers and resulted in “wage harmonization” across the businesses. As at December 2019, Access Bank’s personnel cost was about N76.9 billion up from N57.1 billion same period in 2018. The spike was mostly due to the merger with Diamond Bank where it also absorbed legacy Diamond Bank staff.

Due to the world’s current situation, Revenue generated at Access bank has shown some percentage of decrease. This decrease led the announcement of

of its decision to cut salaries to avoid job cut as a lockdown to contain the coronavirus hampers the operations of Nigeria’s biggest lender.