Equity Bank has sent 400 employees home in the last nine months.
This comes barely a year after the bank sent another pack of 660 employees home in what the bank has attributed to natural attrition.
“Last year, natural attrition took about 600 staff but this year it’s 400 and that is why despite the 20 per cent salary increment, our staff costs are still flat,” said equity Bank CEO James Mwangi.
According to its financial results for the nine months ended September 2016, Equity Bank’s payroll costs four per cent to Sh. 8.7 billion. This was mainly driven by the pay rise for staff.
Equity Bank has also announced a freeze in staff recruitment as it shifts towards digital banking.
