GCB has laid off 270 employees nationwide as part of a major restructuring move to improve profit earnings.

Sources at the company say the number is expected to rise in the coming months.

Just weeks into his new job as Managing Director, Ernest Mawuli Agbesi is taking an axe to the biggest state-run bank that saw a decline in profit in 2015.

The bank's profit before tax declined from 382.436 million cedis in 2014 to 350.276 in 2015. Additionally, its profits after tax dropped from 270.057 million cedis to 244.735 million cedis between the same period.

Although the decision to dismiss the workers was taken under the former MD Simon Dornoo in 2014,  Abgesi has not objected to the programme.

The restructuring plan took long to start because the junior employees of the bank were not satisfied with the exit packages offered to them.

The Bank has estimated staff strength of 22,000.