The economic crisis in the country is now taking more toll on the banking sector, with First City Monument Bank (FCMB) laying off over 700 of its workers today.
The affected workers resumed office this morning only to be told that their services were no longer needed.
Economic issues and need to refocus was given as reason for the retrenchment.
Source in the known said some departments in the bank have been merged in a bid to restructure.
For instance, Business Banking department has been merged with Retail Banking and most senior staff in the Business Banking department were affected by the retrenchment.