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Co-op Bank to cut 160 jobs after review
The Co-operative Bank headquarters in Nairobi. Photo/FILE
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 December 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 Sh270 billion ($2.98 billion), posted a 2.5 per cent rise in pre-tax profit for the first nine months of this year to Sh9.13 billion.
