StanChart cuts 200 jobs as corona defaults hit profit

StanChart says that Kenya has foreign exchange reserves above $8 billion. FILE PHOTO | NMG

Standard Chartered Bank Kenya #ticker:SCBK is laying off 200 employees or 14.3 percent of its workforce as the Covid-19 pandemic continues to ravage bankers’ profits.

The bank says its digital transformation strategy that started in 2016 has necessitated a restructuring of its workforce, leading to elimination of some roles.

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