Commercial banks have begun the year of 2019 with retrenchment announcements, in the name of cutting costs to manage operations. National Bank of Malawi started the resolve and recently NBS bank has followed suit.

In an administrative circular signed by the by the bank’s Chief Finance Officer and the Head of Human resources, employees are being requested to apply for voluntary exit. According to the circular, the resolve is to rationalize business operations in the banks transformation journey “from good to great”.

As if a call for voluntary exit is not alarming enough, the bank has also revealed that five service centres will be shut down and not to leave the employees in the dark, the bank is offering a compensation package for the applicants which is inclusive  of pension benefits, but at the same time, the bank has reserved its right to either accept or reject the applicants letters