Opportunity Bank of Malawi in job cuts of 250 employees, half of its work force
Opportunity Bank of Malawi is retrenching 250 employees, almost half of its 450 work force, Nyasa Times understands.
Deputy CEO Bernard Mkandawire confirmed the job cuts.
“We will downsize the staff but I cannot certainly confirm the numbers now,” he said.
A meeting has been scheduled Thursday when the employees will be briefed on the retrenchment exercise.
Nyasa Times sources say the retrenchment is as a direct result of the economic turmoil the country is going through coupled with electricity black outs which negatively affected their clients.
Officials from the bank refused to comment when contacted on Wednesday promising a press release on Thursday but Nyasa Times sources says no branch will be closed down.
“The remaining staff will man all the branches across the country,” said a bank top official.
The bank retrenched over 70 employees last year.
Finance minister Goodall Gondwe is upbeat the economy will pick up and be fixed this year.
“This year the inflation is expected to fall very very deeply, followed by the reduction of interest rates which should make the economy bounce back,” he said.
He said this year, the economy is expected to grow by 5.6 per cent as opposed to last year’s growth by two to three per cent.
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This bank is losing direction and they have themselves to blame not the economy. I used to bank with them but now I stopped. They had a Malawi management that used to understand the market. It is now full of foreigners who do not seem to understand the Malawi market. They are also inflexible and not approachable and they are losing customers. If this team is not changed this bank may collapse, mark my word.
Nkhani si ECONOMY. The current CEO is childish and uses try and error method. There is alot than that meets the eye.
The OIBM problem is directly coming from The management. They are running the bank on try and error basis. How can a bank which is making losses hire international consultants for the posts that have just been filled externally? Can you imagine a loss making profit spending over 40 Million kwacha for management training in a space of two months? How come its CEO, Mr Ngwenya travels to South Africa monthly? spending Bank’s money. Kwanele is a failure. He has failed to manage the bank. Instead he offered Greenwing in which his wife is one of directors to be collecting… Read more »
iwe chi Gondwe, Dollar frm 350 nthawi ya mai to 780 Lero ndi growth ya economy imeneyo. madala zipaseni ulemu. tiku tukwana apa. jus shut ur mouth pliz
The problem here is that the Finance Minister just predicts without action taken by this Goverment.
People will continue to be axed and increasing unemployment rate in Malawi hence the company failing to grow on GDP .
Poor citizens will suffer, had it been that this also affects ministers sons or daughters then they could have known how it pains.
That 2 or 3% growth only applied on paper and to Goodall/Chaponda and other matchonas who do not pay PAYE, otherwise to my economics it went down by almost -100%. Economics ya a Goodall is backward so what he says is theory not practical, school ya economics yakalekale when our national budget was mk500,000 can not apply now when budget figures are in trillions. Kodi a DPP macadet anu mulibe anyamata a economics yama 80s or 90s? Kudziwa kukonyonyola makhosi amaopponents basi.. Cry my beloved Malawi.
The story has just began as NBS is planning to sak 300 employees while FDH another 100 employees, if i were you i could have just starting search for another job
Cry my beloved country
This is one of the signs that Malawi’s economy is extremely bad. The DPP govt has completely lost control and direction of governing. May God have mercy on us!!!!!!!!!