GCB Becoming A Financial Slave Master?


Last year, Ghana Commercial Bank (GCB), declared a profit of 299 Million Ghana Cedis, after tax. Per industry standards or as it applies to GCB, the Managing Director(MD), Mr Simon Donoo, is entitled to one percent of the net profit and that is 2,90,000.

Not that we begrudge Mr Simon Donoo, for receiving this huge amount, which is an annual bonus, he is expected to receive for as long as he remains the MD of the bank and the amount could either go up or double depending on how much the bank, will make this year.

From all that is happening in the bank, it is obvious that all that Simon Donoo, thinks about is how to maximize profit at the expense of even the workers, who are expected to contribute in making sure that the bank makes profit every year.

The MD and his management have taking far reaching and debilitating decisions, since he took over the management of the bank.

Every bank in Ghana, as part of its customer service and convenience banking are now offering Saturday banking, GCB, also in meeting their customers’ expectation also introduced it, but for some inexplicable reasons Mr Donoo and his management decided to stop the few branches engaged in Saturday banking from doing so.

The MD and his management also decided that contract staff, who have been with the bank for more than five years, even in violation of the labour laws of this country, outsourced to another company called the Capital Group and their terms of engagement varied down further.

All these decisions and others, had compelled the staff to write a petition to the then President John Evans Atta Mills, to sack Simon Donoo, for his profit maximization. Any MD, who cannot think outside the box, does not have the capacity to manage a bank as big as GCB.

The MD and his management embarked upon a useless rebranding exercise, just because money was available to be spent.

What is the rationale or motivation from changing a name from Ghana Commercial Bank to GCB Bank, only for the bank to send text messages to its customers informing them of an upgrade the bank was undertaking on its system, in their words, it is to improve service.

Do you do this before rebranding or you rebrand before improving on your systems, only Simon Donoo can answer this.

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