Quantcast
 
Read Larry Connors' blogShort Term Trading Strategies


 

Labour Expresses Concern Over Retrenchments in Banks

Thu. November 05, 2009; Posted: 07:10 PM
Stocks RSS
Nov 05, 2009 (Vanguard/All Africa Global Media via COMTEX) -- UBKFF | Quote | Chart | News | PowerRating -- Organised Labour in the nation's banking industry, yesterday, expressed concerns over the wave of retrenchments in the banks since the Central Bank of Nigeria (CBN) under Alhaji Lamido Sanusi began a fresh reforms in the banking sector, with Union Bank of Nigeria (UBN) allegedly planning a massive retrenchment exercise.

Under the umbrella of Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), the union said it was going to write a strong worded letter to the CBN governor over the alleged increasing victimisation of innocent workers by the banks' managements especially the CBN appointed ones.

Addressing journalists, Acting President of ASSBIFI, Comrade Sunday Salako, threatened that organised Labour was also planning to confront and picket the banks involved, beginning with the Union Bank of Nigeria.

But a management staff from Union Bank said the bank was restructuring and that it had been discussing with the union on the issue, stressing that both parties were working to resolve the issue amicably.

The management staff who spoke on condition of anonymity, assured that at the end of the discussion, those that would be affected would smile home handsomely.

Comrade Salako said the management of the bank had remained adamant in spite of entreaties to make them pay the benefits of those earlier retrenched.

He said: "We have just received a signed pathetic petition from over 1,000 employees of the bank who were illegally and unjustly retrenched in batches in 2006, 2007 and 2008. And also some that are not on this issue.

"We also heard that many other employees are about facing the same injustice. We are not happy that redundancy and other terminal benefits contained in our collective agreement are not paid till date," he said.

The acting president blamed the crisis on alleged un-cooperative efforts of the branch unit of ASSBIFI in Union Bank.

According to him, some of the retrenched workers said they were not aware that a union exists in the bank because their problems were handled without solution by the State Ministry of Labour and Office of the Public Defender.

He assured that letters would be written to the new management of the bank and expressed the hope that they would listen to the plea of the workers and pay their benefits.

He urged workers who were not affected to seek genuine leadership in the bank for their interest and welfare.

Comrade Salako posited that the association would write a strong worded petition to the CBN governor over the increasing unfair practices and victimisation of workers the banks managements especially those that public money had been used to bail the out.

For full details for UBKFF click here.

    


More News:   Market Updates | Stock Alerts | All Trading News | Stock Index

Email
Print
Archives
Feedback
Email Article Link
Close X
Recipients email address
Your name
Your email
Add a note (optional)




Stocks RSS





Related News [UBKFF]
  UPCOMING EVENTS
Learn new strategies, how to trade in this market, and the stocks you should be focusing on each day. Join us for our free 20 minute tele-seminars during the week.
* Attendance is strictly limited and are filled on a first-come, first-served basis.
PREMIER SPONSORED LINKS
TRADE CENTER
 
The TradingMarkets Directory
RELATED SITES
Nothing but forex
Please call 1-213-955-5858 ext. 1

About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

© Copyright 2009 The Connors Group, Inc.


All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.

© 2009 The Connors Group, Inc.