The economic crisis in the country is now taking a toll on the banking sector, with First City Monument Bank (FCMB) laying off over 700 of its workers today.
The affected workers resumed their office as usual only to be told that their services were no longer needed.
Economic issues and the need to refocus was given as the reason for the retrenchment.
An inside source confirmed that some departments in the bank have been merged in a bid to restructure and re-stabilize the bank to prevent collapse.
The inside source gave an instance, Business Banking department has been merged with Retail Banking and most senior staff in the Business Banking department were affected by the retrenchment.
This does not come as a shock because a lot of organisations are downsizing due to the untold economic hardship that has befallen the country.
Nigerians are blaming the new administration for not doing enough to keep the economy working. Analysis has shown that since the new administration took over an estimate of 8000 people have lost their jobs across all sectors in the economy. These now jobless people are calling out the government and tasking them to keep their promise to change the economy for good.