Stanchart Staff Drag Bank To Court

Standard Chartered

Some workers of Standard Chartered Bank who are to be laid off this year have dragged the bank to court over the severance package being offered them.

Several workers of Stanchart Ghana are to be laid off this year as part of moves by Stanchart Global to operate a lean and efficient bank.

The bank’s parent company based in London late last year announced it will eliminate 15,000 jobs or 17 percent of its workforce, as soaring bad loans in emerging markets hurt earnings.

But some workers of the bank affected by the move are up in arms against Standard Charted over the severance package to be given to them and have subsequently dragged the bank to an Accra High Court over the matter.

The workers sought an interlocutory injunction to restrain the bank from going ahead on 29 January, 2016 to implement an MoU it signed with the Union of Industry Commerce and Finance (UNICOF) who negotiated on behalf of the workers.

The MoU rules into detail their entitlements.


Court documents reveal the MoU, when implemented, will see the workers lose about half of their entitlements due them following the number of years they have worked at the bank.

Portions of the court document stated that ‘the applicants rights are being taken away and the compensation should be commensurate to their years of service, clearly the 17.5 percent years being offered the plaintiffs, who have worked close to between 26 to 35 years is unfair and unjust’.

According to the writ filed by the workers, the said MoU signed on their behalf by UNICOF is fraudulent and does not have their requisite mandate and input.

The workers also blame UNICOF for not protecting their interest during negotiations with the bank for the severance package.

The latest development means the bank may have to put on hold the implementation of the MoU following its contention in court.