This archive report was first published on 8 August 2019.
Kenya's banking sector continues to grapple with the economic downturn, with Stanbic Bank the latest institution to announce mass layoffs.
According to sources within the bank, at least 250 employees will be laid off by the end of the year as part of the institution's cost-cutting measures.
As part of the voluntary early retirement package, employees will be offered retention of their monthly salary to the last day of work, payment in lieu of notice as per their individual employment contract, and retention of their medical scheme for the remainder of the calendar year up to December 31, 2019.
Employees have been given up to Friday, August 9, to make a decision on whether to accept or decline the offer.
Stanbic Bank's decision to lay off employees comes on the heels of National Bank's similar move in June, which saw 112 employees fired. Other banks that have laid off employees in the past include Barclays Bank of Kenya and Family Bank.
Published on August 8, 2019, at 9:46 AM.
