Oceanic Bank sacks 1,500 workers

THE gale of retrenchment in Nigeria's banking industry swept away 1,500 jobs at Oceanic International Bank Plc yesterday

The development is coming on the heels of a similar level of job losses at Intercontinental Bank Plc at the weekend.

The lay-off was also executed in defiance of a warning from the Federal Government at the weekend, against such mass sack of workers at the banks.

The Guardian learnt that the mass purge was part of the management's strategy to rationalise costs and stabilise the troubled financial institution.

An inside source at the bank revealed that the exercise cut across all cadres of management and staff of the organisation.