CFC Stanbic to retrench 250 employees to remain afloat - CEO Charles Mudiwa

CFC Stanbic Charles Mudiwa at an AGM ending financial year 2018/2019. PHOTO | CAPITAL BUSINESS

Stanbic Bank in a bid to retrench 250 employees at the end of this month. The bank in a statement, approached its shareholders citing this year's dividends could be the lowest the bank has issued in Kenya.

The bank profit has declined by 15% for the financial year 2018/2019. To remain afloat, the management decided to retrench at least 250 employees across the country.  The bank profit drops by 10 percent down from 25 percent last year. At the end of the banks financial year the bank had 14 percent profit after Tax.

Just follows as Telkom and Airtel refreshed almost 1000 employees, followed by EAPC with 800. Companies have been offloading employees to the streets again. 

READ ALSO; Telkom Kenya retrench its employees 

"Increase in VAT and Tax has contributed to making losses in our financial institution. Technology also has enhanced our company performance as well. " Stanbic CEO Kenya Mr. Charles Mudiwa said.

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