Habib Bank Limited has laid off nearly 180 employees in a single move, according to the confirmed sources. We have found the details that 180 HBL employees were served with forced retirement and job termination letters late Friday.
However, the story is not end here as another round of 2,000 employees are on the hit list to get fired from their positions.
The main factor behind this down-sizing is the bank’s recent shift in strategy that is “cost cutting “now to improve and focus on the cost.
According to sources at HBL, this cost-cutting drive resulted after the bank paid heavy penalty to American regulator.
“HBL management started terminating employees late Friday and some 180 employees were called in with choices to either sign an early retirement or face job terminations”, told by a source.
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According to source, majority of these employees were in 45-52 age group. Director Marketing and Spokesperson of HBL Naveed Asghar has confirmed about the removal of employees.
“There are many numbers circulating but a total of 144 employees are given early retirement with their benefits according to rule book. Decision is based on bank’s policy.” He added.
After this move by HBL, almost 150 employees of Habib Bank who belonged and represented different employees’ unions protested outside the press club in Karachi against the recent policy of cost cutting.
They were holding the banners with slogans against the current management and administration.
The purpose behind this protest was to seek and demand help from Prime Minister of Pakistan, Chief Justice of Pakistan, Governor State Bank of Pakistan and Prince Karim Aga Kahn so they can play the role of arbitrate and help out employees to save their jobs.
One of the Protesters’ leader spoke and told about the condition of secrecy that a group has been created with the name “Fight for Rights” to protest against dismissal of employees.
