Sidian Bank staff layoffs pointer to looming turmoil

Sidian Bank has announced plans to shed a fifth of its workforce, deepening fears of imminent layoffs in a sector facing squeezed profit margins following the recent passage of a law capping the cost of loans.

Family Bank only weeks ago also announced that it would be laying off an unspecified number of employees in a bid to cut costs, pointing to a wider strategy in the industry to cushion the lenders’ bottom lines.