OBC for major rejig in GTB unit

Oriental Bank of Commerce is set to carry out a major manpower restructuring especially at the acquired Global Trust Bank unit, after it gets a report from National Institute of Bank Management.

The move comes in the wake of huge difference in the pay package of employees of the two banks, with an average GTB staff getting almost double of its OBC counterpart.

"NIBM has made a presentation on the rationalisation of staff for improving synergy between OBC and the erstwhile GTB. We expect NIBM to handover the report to us within seven days," OBC chairman B D Narang said.

OBC had appointed NIBM in the first week of January to advise the bank on the manpower rationalisation and deployment of GTB staff to benefit from the acquisition of the ailing private bank.

Narang said the bank will start taking action as soon as the report is received and will resolve all the issues by the end of February.

OBC has a staff strength of about 14,000 that includes more than 1,000 staff from GTB. GTB had about 1,300 staff, out of which more than 100 resigned following its merger with OBC.

Although OBC acquired GTB, the Delhi-based PSU bank had given three-year job protection to the GTB staff.

However, GTB staff may not get hike in salary for the next few years till the pay package of the two banks become at par with each other.