KCB lets go of 709 employees

gloria mari

March 14, 2018 11:49 AM

Three branches closed.

The Kenya Commercial Bank retrenched its workforce in 2017 with the total number of people who have left being 709.

This could be because of the bank's restructuring exercise announced in April 2017 where the institution planned to save up Sh2 billion on staff costs.

According to The Standard, details contained in the latest investor presentation covering the financial year ended December 31, 2017 shows that the group now has 6,483 members of staff down from 7,192 in December 2016.

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Due to increased automation, the bank will also be shutting down its Kericho East, ICD Kibadani, and Moi International Airport branches.

The bank's staff costs have been rising since 2012 hitting a high of Sh19.15 billion last year. In 2016, the group had spent Sh17.72 billion on personnel. Last year’s expenditure translates to Sh1.43 billion rise.

gloria mari