88 Stanbic employees jobless after the bank’s voluntary retirement plan

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Charles Mudiwa, Stanbic Bank Chief Executive
Charles Mudiwa, Stanbic Bank Chief Executive

Under its continuing rationalization plan integrated in cost-cutting, Stanbic Bank has recognized the voluntary pension of 88 of its personnel members.

After submitting Voluntary Early Retirement (VER) apps between late July and August 9, the move takes the bank’s staff base to 1,000.

Non-coercive dismissals form part of a plan to reorganize the tasks of the bank towards digital activities.

“The digital transformation agenda plays a critical role in redesigning the Bank’s entire activities through product, service and channel innovation,” Stanbic Bank said Thursday in a statement to media houses.

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“As a result, the employee skills base as well as organisation structure of the Bank are expected to transform to mirror that strategy”

It is uncertain whether, considering previous press reports of a targeted 255 work reductions under VER, the lender will attempt to squeeze out more positions.

Stanbic layoffs are part of a complete search for effectiveness in the banking sector.

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As lenders tighten their belts to maintain development on a favorable trajectory, this is anchored on the thinning of operating costs.

The bank announced an enhanced Ksh.4.1 billion return over the six-month review period last Thursday.

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