Fear of job loss haunts thousands of bankers of S. Alam Group

Anwar Sa'adat (not real name) joined Islami Bank Bangladesh as a Probationary Officer two years ago. Unlike conventional recruitment, where candidates typically go through competitive examinations, Anwar simply submitted his CV and passed an interview to secure his position. However, following the change in government, Anwar finds himself consumed by the fear of losing his job, which had once seemed stable.

Firoz Hossain (pseudonym), another new recruit, joined Global Islami Bank earlier this year after completing his studies at Chittagong University. He, too, didn’t face any competitive exams—just a CV submission was sufficient. But now, he, like Anwar, worries daily about the potential loss of his job.

It’s not only Anwar and Firoz; thousands of employees hired across at least seven banks under the control of S. Alam Group now fear the same fate. Views Bangladesh interviewed 15 such bank officials who shared similar concerns. Since 2017, S. Alam’s influence has led to the recruitment of thousands from the Chittagong region across various banks, including Islami Bank, Social Islami Bank, First Security Islami Bank, and Global Islami Bank. Most of them secured positions by simply submitting CVs to a “job box” placed outside S. Alam's residence. With S. Alam’s control over these banks now fading, rumors are circulating that employees appointed during this period may face layoffs.

Anxiety among these employees intensified after October 31, when 589 employees from Social Islami Bank—most from the Patiya area of Chittagong—were laid off. These employees, hired earlier this year without public recruitment announcements, competitive exams, or credential verification, were reportedly terminated "to restore discipline" in the bank during their probationary period. Bank sources confirmed that similar actions could soon be taken for others recruited under similar circumstances.

In 2017, through a series of high-profile moves, S. Alam Group’s Chairman Saiful Alam and his family acquired significant shares in various banks, including Islami Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, Al-Arafah Islami Bank, Union Bank, Bangladesh Commerce Bank, and two other financial institutions. This unprecedented control enabled them to appoint thousands in entry-level and senior positions through non-standardized hiring practices.

However, after Prime Minister Sheikh Hasina left the country on August 5, these banks' boards were liberated from S. Alam’s control. Since then, reports have emerged that employees recruited under S. Alam’s influence are at risk of termination. The October 31 mass layoff at Social Islami Bank seems to be part of this trend.

Anwar Sa'adat, who now lives in fear of losing his job, told Views Bangladesh, "I turned 30 this year, and I’m past the age limit for government jobs. I also got married after joining the bank. If I lose my job now, I’ll be in a dire situation."

Firoz Hossain echoed these sentiments, saying, “Though I got the job just by submitting a CV, I’ve already demonstrated my competence at work. If I lose this job, it will be incredibly hard to find another one. I don’t know what lies ahead.”

When asked about the possible layoffs, a senior Islami Bank official, who wished to remain anonymous, said, "It's hard to say what the bank will decide about the probationary officers. However, senior officials placed by S. Alam could lose their jobs at any time."

Social Islami Bank said that they currently employ 4,750 people, with around 2,000 hired without public recruitment announcements. These hires took place after S. Alam Group assumed control in 2017. A bank official noted that "many unnecessary positions were created without minimum qualifications being verified, causing overcrowding at some branches. This chaotic situation necessitated the termination of employees under the bank’s discipline policy, which will also reduce operating costs."