Standard Chartered Bank Kenya is cutting off 200 jobs which is 14.3 percent of its workforce as the Covid-19 pandemic continues to hit bankers’ profits hard.
The British multinational banking and financial services company headquartered in London said the decision has been communicated to the Banking, Insurance and Finance Union (BIFU), the trade union that covers financial industry workers in Kenya.
The bank says its digital transformation strategy that started in 2016 has also necessitated a restructuring of its workforce, leading to the redundancy of some roles.
“In the circumstance, the bank intends to declare redundant the employees whose roles fall off as a result of the restructuring,” the lender says.
Most of the job cuts are expected to have an impact on retail, corporate, operations teams and some customer service staff. “The impacted employees who are both in management and unionisable cadre are 200 in the retail banking, corporate banking, operations, technology and support departments,” the lender noted in the breif to BIFU
StanChart follows NCBA Group which also recently announced it was letting go of an unknown number of employees by December due to the impact of the Covid-19 pandemic.
Standard Chartered reported a decline in its half-year net earnings to Sh3.2 Billion from Sh4.7 Billion posted over a similar period last year.
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