First City Monument Bank Limited (FCMB) has closed down some of its branches and sacked staff of those branches, a report this morning said.

The report, by Nigerian Tribune, said it was gathered Monday night that the branches affected were those formerly owned by Finbank, which has been acquired by FCMB.

“Although calls to officials of the bank were not responded to, it was gathered that the management of the bank resolved to rationalise some redundant and unviable branches of the acquired bank, especially where there were two or three branches in the same area because of the current state of the economy,” the report said.

It quoted an unnamed source as disclosing that while some staff members of the shut branches were seconded to other branches, majority were relieved of their duties.

“It was also gathered that many of those who got the sack were those with issues,” the report said.

•Photo shows FCMB Managing Director Ladi Balogun.