ALSO READ: Family Bank slides into Sh743 million lossThe bank said aligning costs to work within the depressed returns is something that is high in their agenda. Since the introduction of the law capping lending rates at four percentage points above the 10 per cent Central Bank Rate and imposed a minimum deposit rate of 70 per cent of the benchmark rate, banks have been forced to retrench to manage costs. Voluntary retirementThe country’s biggest bank by asset Kenya Commercial Bank (KCB) early in the year announced it is laying off some staff. In June, Barclays Bank of Kenya announced that it was laying off 130 employees through a voluntary exit scheme. Barclays Bank shut seven branches this year while Bank of Africa and Eco Bank, also closed 12 and 9 branches respectively.

Source: Standard Digital December 30, 2017 21:00 UTC