National Bank of Kenya logo.[Photo/NBK]
The National Bank of Kenya (NBK) has decided to send home 150 employees by February 1, 2018 in a step towards restructuring which is meant to keep the embattled lender afloat.
NBK stated earlier that the board had given it the go ahead to institute a voluntary early retirement plan targeting some of its permanent and pensionable workers aged 35-year.
Those to be struck off the NKB pay-roll must have worked with the lender for at least five years.
This comes a month after Family Bank, also decided to sack 150 employees as profits in the banking sector went down.
The contributing factors factors include a tough economy and a legislation that put a ceiling on interest rate.
The NBK management says it has excess employees who are not as productive thus the need to “align the staff headcount with strategic needs of the bank,” according to National Bank CEO and Managing Director Wilfred Musau.
The lay-off by the listed bank is it’s second after another one that was undertaken in 2014 with 200 employees being sacked.