Lagos — The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) said there will be a phenomenal reduction in job losses in the banking industry this year.

About 7, 000 bank workers in the country were sacked last year due to staff rationalization in their various work places.

President of the union, Comrade Sunday Salako, who disclosed this in a telephone chat with Daily Trust yesterday, said the mass sack that had bedeviled the banking industry in the last three years was enough, adding that next year will witness a reversal of the trend.

He said "In the last three years in Nigeria, we have had job losses in our banks. I think there would be a reduction in the number of job cut in Nigeria this year."

Salako also said banks will galvanize the nation's economy this year, but said this would depend largely on the Federal government provision of conducive business environment.

"For banks to galvanize the economy, the Federal government must try as much as possible to provide good roads, basic infrastructure and fix power supply',' he said.