According to reliable sources, Kenya Commercial Bank (KCB), the largest bank in Kenya by asset value, is planning to lay off hundreds of employees.
The affected employees have reportedly been offered early retirement packages or the option to leave voluntarily with a hefty send-off package. Those who choose not to take the offer risk being sacked with minimal benefits.
Some of the employees being let go were recently promoted to managerial positions.
Kenya Commercial Bank has denied any wrongdoing, stating that the layoffs are part of an effort to improve efficiency, serve customers better, and meet shareholder expectations.
In a statement, KCB said, "This has been done in keeping with the best business practice in an industry that is undergoing a major transformation driven by fast-evolving technology changes and a dynamic regulatory regime."
The bank's decision comes amid hard economic times, which have forced other banks, including Family, Sidian, and National banks, to downsize their workforce.
Meanwhile, Standard Chartered bank is also reportedly considering laying off employees.
The recovered account cited reporting by Tuko.
