The decision by Kenya Commercial Bank (KCB) to lay off staff so as to save Sh2 billion a year in salaries has reactivated debate on if banking halls still have a place in modern banking. This could be the biggest staff cutting exercise to face the banking industry in recent times. ALSO READ: KCB BANK VITAL POINTS: Former champions dislodge Quins from second spot in rankingsAt yesterday’s AGM, KCB Group Chairman Ngeny Biwott said they expect the effects of the interest rate regime to be felt fully in 2017. Since the signing of the interest rate capping law in August last year, banks have limited customers credit, fired employees, and limited expansion. This week, the lenders got a boost when the International Monetary Fund (IMF) piled pressure on the Government repeal the rate caps.

Source: Standard Digital April 21, 2017 20:15 UTC