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Family bank fires 150 workers

According to the Kenya Bankers Association this brings the total numbers of bankers fired in 2017 to 2083.

According to Family Bank, the decision was made in order for the company to “align business to the current operating environment”.

Family Bank Managing Director David Thuku stated that the move was in a bid to cut down on costs.

“We continue with various cost-cutting measures and in that respect, we have undertaken a restructuring programme to resize the support functions at the Head Office in order to achieve meaningful and sustainable revenue growth. Branch operations will not be affected by this exercise," he was quoted by Standard Digital.

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This is not the first strategy that Family bank has enacted to try and cut down costs as earlier on this year, the bank suspended afternoon tea for its employees.

Family Bank reached the decision to stop providing the company's sponsored afternoon drink as it seeks to focus on profitability through services to its customers.

"Beginning today we have suspended company sponsored afternoon tea and only morning tea will be served.”

"We have had to make some very hard choices. We have been forced to re-look every one of our cost lines and re-evaluate where we can make further reductions to restore the bank back to profitability,” read part of the memo sent to employees.

The lender’s procurement and logistics officer Muchane Ndungu said the decision was taken following "a lot of thought and debate".

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Thuku assured that the laid off employees would be "provided with full support to ensure that the receive the necessary support in this difficult transition".

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