Zenith Bank increase staff salaries, promote over 4000 employees
Zenith Bank, one of Nigeria’s leading financial institutions, has embarked on a significant restructuring initiative, introducing a substantial salary increase for lower-level employees and streamlining promotion criteria to reward exceptional performance.
The restructuring exercise, which included salary adjustments effective January 2025, marks the bank’s first major review of employee compensation in two years. As part of this overhaul, Zenith Bank promoted 4,165 employees in recognition of their outstanding contributions and to align its workforce with organisational needs.
Sources within the bank revealed that additional promotions are expected in the coming weeks, pending approval from the Central Bank of Nigeria (CBN). The regulatory approval process is standard for major personnel changes within financial institutions and may signal broader restructuring plans or strategic objectives.
According to an insider, the promotions were awarded based on exceptional performance, while the restructuring also led to the exit of employees who did not meet performance or age-related benchmarks. This approach ensures the bank remains optimally positioned to maintain its reputation for operational excellence.
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Zenith Bank’s personnel expenses rose to N150.5 billion in the first nine months of 2024, compared to N124 billion for the entirety of 2023, reflecting its commitment to investing in its workforce.
The restructuring follows Zenith Bank’s continued expansion into global markets. In November 2024, the bank launched its Paris branch, a third-country branch of Zenith Bank (UK) Limited, marking a significant milestone in its international growth strategy. The Paris branch’s opening followed final approval from France’s banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), and solidified the bank’s footprint in Europe.
Zenith Bank’s recent moves, including its restructuring and global expansion, underscore its dedication to operational efficiency, staff welfare, and international growth, further cementing its position as a leader in Nigeria’s banking industry.
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Implications for the Banking Sector
Zenith Bank’s decision to adjust salaries is expected to ripple across the Nigerian banking sector. As one of the country’s largest and most influential financial institutions, any significant restructuring or compensation adjustment often sets a benchmark for the industry.
“Zenith Bank’s move will likely force other banks to review their own compensation structures,” said a senior analyst familiar with the sector.
“Talent retention is becoming increasingly challenging, and with inflation eroding income levels, banks will need to act to remain competitive.”
Furthermore, banks in Nigeria recently raised significant capital following recapitalization requirements set by the Central Bank of Nigeria (CBN). Zenith Bank, for example, raised over N290 billion in 2024, providing the financial strength to implement these changes.
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