UT, Capital fold up: Minority cries for junior, middle level staff

The Minority in Parliament is weeping for the junior and middle level staff of the now defunct UT and Capital banks after GCB Bank’s takeover.

GCB Bank on Monday, 14 August 2017, took over transfers of all deposits and selected assets of the UT and Capital banks after a purchase agreement as the two banks were struggling to operate financially.

The defunct banks have a combined staff of over 1000 and Ranking Member of the Finance Committee of Parliament, Cassiel Ato Forson, in a press conference, said the Minority is concerned about how the junior and middle staff of both financial institutions will survive with possible job losses looming.

According to him, the top management of both the UT and Capital banks are responsible for the banks’ collapse, and therefore do not deserve the Minority’s sympathy unlike the junior and middle level staff.

He therefore called on management of GCB Bank to as much as possible, retain majority of the staff of both financial institutions.

“We are concern at this stage, but we urge the state to make sure that inasmuch as GCB Bank may be concerned about the workforce, whether they can absorb all of them or not, I think they should put a human face to this in a way that some sizeable amount of staff may be retained,” he stated, adding, “Particularly we are more concerned about the junior staff and the middle level staff because they are the low income earners and we need to protect them. In any case, as for the top management, they are part of it. I won’t sit here and cry for them. I will rather cry for the low level and middle level staffs who, more or less, were not involved in this situation at any point in time.”

Mr Forson therefore called for the payment of entitlements to junior and middle level staffs who may not be employed, explaining that it was normal practice for firms who purchase other entities to assume responsibility and pay entitlements of redundant workers hence the regulating body and stakeholders must ensure that the workers are duly compensated.

Source:Ghana/AccraFM.com