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NSE-listed banks fired more than 1,620 staff last year - 12 months ago, 16 Apr 13:07

Valentine Obara

More than 1,620 employees were retrenched by lenders listed on the Nairobi bourse in the last year, a report on the financial sector says. According to a study by Cytonn Investments, the staff were retrenched following closure of 39 bank branches across the country during the 2017 financial year. Among lenders that disclosed the number of employees sacked, Equity Group #ticker:EQTY led with 400 retrenchments while Barclays Bank #ticker:BBK let go of 301 staff. Standard Chartered Bank of Kenya #ticker:SCBK retrenched 300 employees and KCB Group #ticker:KCB 223. Others are National Bank #ticker:NBK (150), First Community Bank (106), Sidian Bank (108) and NIC Bank #ticker:NIC (32). The report shows that over 39 bank branches were closed across the country within that period. The figures could be higher since data was unavailable from some of the banks affected. Tough business environment According to Cytonn, shedding of staff was necessitated by a ...
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