Absa Bank Kenya is set to retrench over 100 senior staff in a restructuring move, Kahawa Tungu can authoritatively report.
Reports reaching this publication indicate that colleagues are in a panic mode as the South African lender seeks to erase the Barclays culture.
Most senior staffers are expected to be asked to leave anytime from now.
This comes two months after the lender released hundreds of junior employees in a Voluntary Exit Scheme (NES) that is aimed at cutting costs.
“Last month, I announced a Voluntary Exit Scheme (NES) via a Circular dated November 25, 2020. We have reviewed all VES applications and the process is in its final stages. I take this opportunity to thank all Colleagues that volunteered to participate in the scheme. We were however not in a position to accommodate all Colleagues who applied for the VES due to business priorities aligned to their roles We appreciate that those who were unsuccessful will be disappointed but sincerely hope that they will take this as an endorsement of their contribution to the success of the business,” said managing director Jeremy Awori in December 2020.
Read: Absa Bank Retrenches More Employees In The Management Level
Immediately after the VES programme, the Awori announced that in the second phase of restructuring, employees in the management level.
“Consequently, we will be proceeding with a second phase of the restructuring process which will entail carrying out some redundancies in our Management cadre. The process will commence immediately and will include consultation and engagement with the Colleagues that are at risk of redundancy,” said Awori.
More to follow:-
Email your news TIPS to Editor@kahawatungu.com or WhatsApp +254707482874. You can also find us on Telegram through www.t.me/kahawatungu
Email your news TIPS to Editor@Kahawatungu.com — this is our only official communication channel
