National Bank of Kenya to lay off hundreds of staff to lower costs

This is the second time in three years the lender has cut its staff numbers after letting go of 200 employees in 2014.

The Bank disclosed it will offer employees aged 35 and above who have worked at the lender for over five years an opportunity to take up a voluntary early retirement scheme.

National Bank chief executive officer Wilfred Musau said the early retirement plan seeks to align the staff headcount with strategic needs of the bank.

“We believe the scheme is employee-friendly and is good for the bank too, thus a win-win deal for both parties,” Mr Musau said.

This is the second time in three years the lender has cut its staff numbers after letting go of 200 employees in 2014.

The layoff comes barely weeks after the bank lost Sh29 million through hacking which occurred on January 17. 2018.

The Bank also reported losses of close to Sh300 million ($3,000,000) for the year 2016 through deceitful employees and cybercrime attacks.

The bank expects to have completed the exercise by February 1.

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