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
FMB
FMB

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.

Follow and Subscribe Nyasa TV :
0 0 vote
Article Rating

Sharing is caring!

Follow us in Twitter
23 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
round world
round world
5 years ago

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 tisanze.be 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.

champiti
champiti
5 years ago

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

sizabona
sizabona
5 years ago

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.

Champeni
Champeni
5 years ago

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

selfish decision
selfish decision
5 years ago

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

ember
ember
5 years ago

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… Read more »

Neutral
Neutral
5 years ago

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.

Thobwa chechamba
Thobwa chechamba
5 years ago

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.

ember
ember
5 years ago

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… Read more »

Mnyamata wa nzeru
Mnyamata wa nzeru
5 years ago

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

shares
Read previous post:
Parliament gets tough on Malawi banks, amends CRB Act

Parliament on Tuesday afternoon endorsed the amendments to the Credit Reference Bureau Act, the development which will not go down...

Close