Over 200 staff of Enterprise Bank and Keystone Bank are reported to have lost their jobs a few days to Christmas. This has been blamed on the rationalization exercise recently carried out by both banks. On the 2nd of December Enterprise bank issued a list comprising of 150 members of staff that were affected by the rationalization exercise. According to the bank's management, this was done in order to achieve effective service. Worst hit by the retrenchment exercise are the Lagos Island branches of the bank. Spokesman for the bank, Olusola Longe-Okenimkpe says the rationalization exercise was carried out to identify resource optimization.
Keystone bank in November also carried out its own rationalization exercise which left 52 Senior staff members without jobs.