Over 1600 workers sacked

By Ssebuliba Samuel.

In Kenya about 1,620 employees of listed banks in Kenya were retrenched in the past one year, a report has shown.

According to a financial report released by Cytonn Investments, the staff were retrenched following closure of 39 bank branches across the country during the 2017 financial year.

Among the institutions which disclosed the number of employees laid off are Equity Group which led with 400 retrenchments, Barclays Bank (301), Standard Chartered Bank (300) and KCB Group (223).

According to daily Nation the figures could be higher given that data was unavailable from some of the banks affected.

This report show that this measure was necessitated by a tough operating environment that was brought about by the Banking (Amendment) Act of 2015 which caped interest rate .

Written by David Kugonza