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Kenya Commercial Bank KCB lets go of 709 employees

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Three branches closed.

KCB lets go off 709 employees over 2017 period play KCB lets go off 709 employees over 2017 period (Business Today)

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.

play Kenya Commercial Bank retrenches 709 members of staff over 2017 year period (Courtesy)

 

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.

ALSO READ: New development in KCB bank unauthorized deductions

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.

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