Customers inside a bank.[Photo/businessdaily}
The total number of bank workers laid off this year has hit 2083.
This is after Family Bank laid off 150 employees.According to the lender, the decision was prompted by need to align its business to the current operating environment.
This is mainly due to the depressed economic performance in the first full year under the interest rate cap regime.
"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," Family Bank Managing Director David Thuku said.
“As a Bank, we have provided full support to the affected members of staff to ensure that they receive the necessary support in this difficult transition.”
According to the banking sector lobby Kenya Bankers Association (KBA) its members had cut 1,933 jobs between August 2016 and the end of June this year, attributing this to the adjustment to the reality of the rate cap.