The affected staff include full time and contract workers, according to Punch.
The management of the bank also confirmed the mass sack via a statement released by Managing Director, Charles Kie.
The statement reads:
"The bank, in its renewed drive for optimal performance, has in addition realigned certain roles bank wide to ensure improved efficiency. This necessitates the exits of some staff who were adequately compensated.
"This is in furtherance of a market repositioning exercise designed to strengthen the bank's business across all markets where it operates. Our focus is to improve the quality of service to our customers as well as our operational efficiency.
"We understand that people are our key assets; so, we have emphasised the need to reward our best performers, continue to re-invigorate our people, while also opening up new opportunities for talented and committed people to join us as permanent employees.
"At the same time, based on our repositioning plan, we had to disengage some staff, while ensuring that, in line with industry standards, they are treated fairly."
Meanwhile, Diamond Bank also reportedly sacked about 200 of its employees on Tuesday, May 31, 2016.
