Bank Alfalah has suddenly decided to change the team which enabled it to win the Best Bank of The Year award. The bank’s new President announced that the top 6 Group Heads and chiefs are going to leave the bank.
Bank Alfalah President and CEO, Nauman Ansari, issued an internal memo on 31st October. The subject of this memo was “Re-Org of the Management Team and Change in Reporting Lines”.
“To maintain our momentum, we must accelerate the transformation of our businesses and make sure we have the right organizational structure in place to strengthen our connections with a growing universe of customer and business partners,” said Nauman.
In this memo Nauman announced that some of the senior executives have opted to part ways with the bank:
- Faisal Farooq Khan, GH HR & Learning and Corporate Services
- Mirza Zafar Baig, Chief Financial Officer
- Khurram Hussain, GH RMM North, Central & Consumer Finance
- Aly Mustansir, Chief Marketing Officer
- Imran Zaffar, GH Merchant Banking
- Saad ur Rehman Khan, GH CIBG & International Business
According to the memo, most of them had been working with Bank Alfalah for about 5 years. In other words, they were part of the Atif Bajwa team. These executives will leave the organization in November this year while Aly Mustansir will leave on 10th December.
The entire conventional Retail Banking Group (Retail North, Central and South) will now be unified and report to Mehreen Ahmed.
The Consumer Finance, SME, Bancassurance, Bank at Work, Products, Customer Experience and New Initiative (Branchless Banking, ADCs and Loyalty) teams will also report to Mehreen Ahmed.
The CEO also announced changes in reporting and merger of departments of the bank.
The Way Forward
Nauman Ansari seems to be aware of some of the negative outcomes of this massive layoff and restructuring of the organization.
In the same memo, he said that the environment in which we operate is evolving rapidly. We must be prepared to navigate the challenges and capitalize on opportunities in a way that is smart, nimble and efficient. We must also continue to evolve our business for the digital age.
“I know that many of you have questions. In the coming days and weeks, we will be hosting town hall meetings to answer your questions. In the meantime, please feel free to contact me.” Nauman Ansari added.
It is worth mentioning that this year Bank Alfalah won the Best Bank Award. This award was given to Bank Alfalah on its overall performance, including the departments whose heads have “opted” to leave the bank.