FMB bank staff ‘living in fear’: Retrenchment looms

Employees of First Merchant Bank (FMB) are living in fear for their future as top management has introduced tough working conditions for some officers with an aim of frustrating them amid strong rumours of retrenchment.

FMB Managing Director Dheeraj Dikshit

FMB Managing Director Dheeraj Dikshit



An inside source speaking on condition of strict anonymity told Nyasa Times that under the leadership of the current Managing Director Dheeraj Dikshit and his inner circle comprising Thomas Kadantot (General Manager- Treasury and International Banking), Ravindra Bhajaja (Chief Commercial Officer) and Shwentak Singh (Chief Operating Officer), members of staff are working in fear of what will happen to their jobs.

The source says between 2010 –2014, some hard working managers were booted out of the system because the current MD wanted to replace them with his favourite boot lickers.

“The bank has been in operation for 20 years now and the thinking was that some of those top positions would have been given to Malawians but only Indians are occupying those positions to consolidate power and oppress Malawians,” he wondered.

FMB retrenched some members of staff who later challenged the move in court and won the case for unlawful retrenchment. Since losing the court case, management seems to have backtracked on its intention to retrench more but instead has introduced tough conditions on those targeted.

“The strategy now is to do their outmost to frustrate some staff members so that they resign on their own or make a mistake that will have them fired,” he said.

The source says FMB used to have the position of Retail Development Executive at branch or agency level Grade 4 but the bank now has reduced that level and position to Relief Officers in most agencies except Mzuzu, Limbe, Salima, Kasungu, Zomba, Blantyre and Lilongwe and Capital City branches.

“The grade is the same but the benefits have in some cases been entirely removed like allowances (fuel, wear and tear etc.) with the aim of frustrating those holding those positions” .

FMB opened its doors in 1995 and is one of the banks that have many branches across the nation.

Bank management did not respond to questions soliciting comment.

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23 thoughts on “FMB bank staff ‘living in fear’: Retrenchment looms”

  1. round world says:

    Komatu Joyce okhalike wamva.take an example from Mesho lero alikuti?zamwenye izi ujuina ngati kuwachosetsa anzathu ntchito zikutisangalatsa.nkhalupa iwe galu wachabechabe mafuta non I Kumasi ngati wazola kazinga uzizipuputa Kumasi kwakoko umatipatsa nyasi ngati careful what goes around comes around.ngati mulinndi mavuto kubanja kwanuko zizithera konko osazibweretsa Ku office.ufiti wakowo nkana unakamulanda Harry office.nkhope ngati galuyo.change otherwise we at CPC don’t like you.we hate you Joyce mkaziwonyasa Nyirenda.uzikhozanso gogoda yako ma heels imatisokosa.

  2. champiti says:

    azimayi ena ngati afiti Emma soko and Joyce nyirenda mwina ali pa ukapolo ndi azimunawo nde pofuna kuphwetsela ofunika abwewelere kwawo ku c
    hitipa azikalima don’t blame amwenye ife tikugwira nawo ntchito bwino koma akayidi awiliwo plus siza manager wa certificate ya marketing koma ati ndi head of operations

  3. sizabona says:

    Anthu away any any a kuzunza anthu.makamaka mkazi wa Maynard Nyirenda Joyce mzimayi wonyasa ndi nkhope yomwe.mfiti yayikaxi yachosesa anthu ntchito.Joyce God will give you your own medication.ndiwe mzimayi otani I we opanda chisoni ngati osabelekamulungu akulanga ndithu.don’t forget carma is a bitch.

  4. Champeni says:

    Why do we only hear of FMB negative stories on this forum. Other banks too have their own issues not for the general public consumption. Learn to use contact and dialogue within. Come to Banks like NBS you will appreciate how issues like this are handled.
    If this is true on the ground I sympathise with you and learn to use diplomatic channels than on line public media to present your grievances

  5. selfish decision says:

    This is our country let’s work up.
    What’s wrong with our country everything going astry.
    No direction in every sector .Lord we bow before you we are your creation

  6. ember says:

    Its not about indians black managers in fmb spoiling the bank the likes of siza makwakwa joyce nyirenda emily banda emma soko they are busy illtreating juniors instead of bringing business to the bank and so called indians dont know whats happening on ground.for example staff sent to work in outstation cash dept do the indians no that they are not been given allowance even if they work without food up to midnight without even looking at the risk involved i mean k2500 alot happening and indians dont know. Ravi do ur swot analysis on the black managers like these they wil frustrate more souls and the bank wil fall.Anadkat do something ur dad worked hard for this but wil fal if not careful customers are busy complaining and these managers not doing anything

  7. Neutral says:

    The weakest link is our own regulator of banks – RBM who approves top management of banks. Another one is Bankers Association of Malawi who have nothing to do with welfare of bankers (staff). Check with neighbouring countries like South Africa these foreigners are allowed to run the bank while grooming a local person to take over. A lot of policies in Malawi are not beneficial to citizens, please RBM, our honorable MP’s and Government wake up and stop selling this country. Think of our children and their future, its time we strive for sustainable development.

  8. Thobwa chechamba says:

    This is Cashgate bank. These Indians are laundering money out of Mw to Dubai with help of FIU. They are corrupted crooks running this bank.

  9. ember says:

    not indians black managers are the ones illtreating pple how can u send someone to mangochi liwonde no allowance i pay police k20000 fail to pay staff k2500.The siza makwakwa, joyce nyirenda, emily banda, emma soko anthu oyipa instead of trying to bring business busy hating and hurting ana taking things personal frustrating staff please ravi do swot analysis some of these managers are they really working bring business or trying to pull bank down anadkat watch out b4 u know it what ur dad worked hard for wil lose track problem is management not juniors watch out kind of managers u have

  10. Mnyamata wa nzeru says:

    Mr Dickshit!!!!!!????

  11. FMB staff says:

    This is true, the Bank is being liquidated slowly, they said the bank will be closing it’s doors in 2019-20, now this is a systematic way of voluntary winding up a company,many accounts will be frosen and the of the staff will be given their dues.

    Just watch me, if you have an account at FMB, this na wake-up call.

  12. ember says:

    Its not about indians black managers are busy frustrating juniors the siza makwakwa. Joyce nyirenda emily banda emma soko they are really busy making pple not to like their job iinstead of finding ways to improve business busy mismanaging pple they don’t even no their job even clients know ravi do swot analysis on them they wil really help the bank fall. How can u send someone on duty to mangochi and refuse to pay allowance are these indians u suspend loans are these indians anadkat open ur eyes ur dad worked hard for this it wil fall if some managers are not checked how they illtreat staff

  13. Zaraffi says:

    What do you expect from a bank run by Indians.Kafunseni ma store boy ndi ma nanny amzanu mu Limbe akakuwuzani zoona.’Dziko ndi wanu koma ndalama ndi wathu’ kkkkkkkkk!!!

  14. mapwevupwevu says:

    Hahaha! Dick shit, what a befitting name for an injun!

  15. Munthuwamba says:

    What do you expect when someone is called Dick Shit and the other one Kadantota??Everything is wrong about this bank. The best we as Malawians can do is to pool our resources together and start our own big businesses like banks. We have the Koreia Mpatsas, the Tom Mpinganjiras, the Mlombwas, the Mwanamvekas in the country to mention but a few. Come on, we can do better than that. And I would urge the government to provide a conducive environment for indigenous investors so as to encourage them to pump more into the economy thereby providing jobs to the local population in the process.

  16. gule says:

    Thats why i miss Bingu. He wouldnt allow these Indians to abuse malawians like that. They would have been shown an exit door. Arent malawians capable of doing these jobs? The government should do something on this because these are not the days of colonialism. Creating tough conditions for someone to run away while you are making billions at the expense of the same malawians. Shame on you and you deserve to be marched

  17. Konza Chapasi says:

    That’s the behavior of MSB since it was given to a Lhomwe on a silver plat .

  18. Drake says:

    Why is it that FMB has a top Management of Indians? This man called Dikshit has been there as an expertriate for too long and who is renewing his work permit at Immigration? Our Parliamentarians need to discuss this in Parliament

  19. Fearfactor says:

    Working for somebody just makes you poorer and poorer while they get pretty rich. Just get your retirement package and plan well. Trust me, You will no longer need any sort of employment from somebody apart from your own.

  20. Commenter says:

    Shaash uugh but excuse me, as long as the original owners who started the company are still alive then this policy shall stand. Last time I checked once a Malawian was given a top management job a lot of cashgate was happening at FMB. The top management there are really intelligent people and they know how to run things. Why should they pave way to a Malawian who never even thought about the idea of starting up a bank like that in Malaiw a top job when they worked hard for it!!! Chamba eti!!! Please leave these Indians alone at least they are getting somewhere while we are still stuck on stupid!

  21. GRM says:

    Mungochita mantha za zii inu. Kampani isasinthe mmene ikugwirira ntchito? Mwaona ngati mboma eti? A company is a dynamic person constantly repositioning itself to deal with emerging challenges in the spirit of porters five forces for change management.

  22. Green Grass says:

    With technology like internet banking do Banks really need more staff? I only use the bank teller when I want change for pelekani pelekani fundraising.

  23. mogasa club member says:

    mpakana living in fear? amalawi kukonda pa company too much. is retrenchment the end of the world? it’s rather an opportunity for you to spread your wings and grow. asiyileni a dick-shit (lol) banki yawoyo.

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