It appears some staff of Pan African bank, Ecobank in some African countries may soon lose their jobs as the management of the bank say they are reviewing their expansion strategy following a decline in profits and that they may pull out of some African countries to focus on its most promising markets.
In an interview with Reuters, chairman of the bank, Emmanuel Ikazoboh, said falling global commodity prices that have hit economies in countries such as Nigeria and Ghana have caused a reduction in the banks profit margin.
“The business model whereby we are just expanding and posting our flags (in different countries) has to be reconsidered,” he said Ecobank’s biggest operation is in Nigeria and the bank has said it wants to increase its market share here.
