Habib Bank Undergoes Massive Round of Layoffs

Habib Bank Limited has laid off as many as 180 employees in a single go, we have confirmed with sources.

According to details some 180 HBL employees were served with forced retirement and job termination letters late Friday.

If sources are to be believed, another 2,000 employees are on the list to get fired from their positions.

This down-sizing is mainly due to bank’s recent shift in strategy that is now more focused towards cost cutting.

Sources at HBL said that this cost-cutting drive came into play after the bank paid hefty 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 ProPakistani a source.

Source said that majority of these employees were in 45-52 age group.

Naveed Asghar, Director Marketing and Spokesperson of HBL confirmed ProPakistan 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.” Asghar added.

After the development, some 150 employees of Habib Bank — representing different employees’ unions — protested outside the press club in Karachi. Protesters were holding the banners with slogans against the current management.

They demanded Prime Minister of Pakistan, Chief Justice of Pakistan, Governor State Bank of Pakistan and Prince Karim Aga Kahn to intervene and help employees save their jobs.

One of the Protesters’ leader told ProPakistani on the condition of anonymity that a group has been formed with the name “Fight for Rights” to protest against sacking of employees.

Protesters said that bank faced heavy penalties and instead of fixing the responsibility — by nabbing those who were allegedly involved in money laundering — bank is now firing the hard working employees in Pakistan.

“The management of HBL is corrupt and the bank lost millions of dollars due to money laundering in America”, protesters said.