Co-op Bank to cut 160 jobs, mainly in management
12 December 2014, 10:01
Nairobi - Co-op Bank of Kenya will cut 160 jobs, mainly at management level, after a review of the business by an external consultant, it said on Thursday.
The lender, which also operates in South Sudan, engaged Mckinsey & Company earlier in the year to help it restructure the organisation and position for faster growth.
Co-op said the job losses, which will take effect from Dec. 22, were the result of some roles being combined and others being eliminated.
The bank, one of the largest lenders in the region with an asset base of more than 270 billion shillings ($2.98 billion), posted a 2.5 percent rise in pretax profit for the first nine months of this year to 9.13 billion shillings.
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