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BBK Kenya says to cut jobs to control costs
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Dod
#1 Posted : Wednesday, January 19, 2011 12:36:50 PM
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Location: Afghanistan
BBK said on Wednesday it would lay off 200 management-level staff in an effort to cut costs.

http://www.reuters.com/a...le/idUSLDE70I06920110119
The rich have money working for them; the poor and the middle class are going to work for money.
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mlennyma
#2 Posted : Wednesday, January 19, 2011 12:44:00 PM
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Am told some 600 juniors went towards end of 2010 na bado
"Don't let the fear of losing be greater than the excitement of winning."
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Wa_ithaka
#3 Posted : Wednesday, January 19, 2011 12:53:38 PM
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Full year for 2010 must be looking ugly for it to be doing this so near year end.
The Governor of Nyeri - 2017
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DOM2002
#4 Posted : Wednesday, January 19, 2011 12:57:02 PM
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The most logical thing to watch is the BBK share price at NSE.I can bet that it will head North.This is for the apparent reasons of the benefits associated with such a corporate action.Shame on you
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mlennyma
#5 Posted : Wednesday, January 19, 2011 2:13:58 PM
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Bbk is doing relatively well but they must act on orders from their bosses abroad.
"Don't let the fear of losing be greater than the excitement of winning."
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FundamentAli
#6 Posted : Wednesday, January 19, 2011 2:40:52 PM
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mlennyma wrote:
Bbk is doing relatively well but they must act on orders from their bosses abroad.


Where did you hear this? The guys are the only ones with a stagnant asset base. All other banks are going their asset bases by an average of 20%. Soon, they will be the number 5 bank in Kenya after KCB, Stanchart, Equity and Coop. Talk of stratergy gone wrong.
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mlennyma
#7 Posted : Wednesday, January 19, 2011 2:45:10 PM
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Profit above 8b fy cant be considered bad for this guys by all means
"Don't let the fear of losing be greater than the excitement of winning."
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youcan'tstopusnow
#8 Posted : Wednesday, January 19, 2011 3:40:40 PM
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mlennyma wrote:
Profit above 8b fy cant be considered bad for this guys by all means

It's not about what they made last year but by how much will they grow in the next 5. Are they able to compete with the other Kenyan banks? Hapana
GOD BLESS YOUR LIFE
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Cde Monomotapa
#9 Posted : Wednesday, January 19, 2011 5:05:20 PM
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Bbk was a reasonable investment from 10yrs ago. Now they are at e.t.c - end of thinking capacity. Disadvantages of being a subsidiary...
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Obi 1 Kanobi
#10 Posted : Wednesday, January 19, 2011 5:12:42 PM
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FundamentAli wrote:
mlennyma wrote:
Bbk is doing relatively well but they must act on orders from their bosses abroad.


Where did you hear this? The guys are the only ones with a stagnant asset base. All other banks are going their asset bases by an average of 20%. Soon, they will be the number 5 bank in Kenya after KCB, Stanchart, Equity and Coop. Talk of stratergy gone wrong.


@Fundamentally, are you serious? With the kind of profits they are making, there is no way they will lose ground that easily.

You may also want to look up the size of their corporate business book in Kenya, its huge.
"The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Tommy
#11 Posted : Wednesday, January 19, 2011 6:39:08 PM
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compared to other banks, i wouldn't say they are doing fine. btw what did they do with the proceeds from sale of custodial services
Don't wait for the Last Judgment. It happens every day. ~Albert Camus, The Fall, 1956
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chaliwong
#12 Posted : Wednesday, January 19, 2011 7:04:58 PM
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They will use the revenue from the sale of custodial biz to settle the benefits for the employees affected.
I say this because they have never gone public on their intentions with the money.
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erifloss
#13 Posted : Wednesday, January 19, 2011 7:29:51 PM
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All this is happening due to mis-application of assets when Banking the unbanked came to fold. They wanted to be where there competitors were, wanted to sell loans as there competitors were doing! While doing all this they forgot their niche market & along the way added more costs in terms of hiring & sustaining new staff, operational costs of more unproductive branches. By the time they started closing some of these branches others had started creeping into their niche market....
'They say money cannot buy me happiness but when i compare when i had none and now, i'm happier' Kevin O'leary
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youcan'tstopusnow
#14 Posted : Wednesday, January 19, 2011 9:15:10 PM
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erifloss wrote:
All this is happening due to mis-application of assets when Banking the unbanked came to fold. They wanted to be where there competitors were, wanted to sell loans as there competitors were doing! While doing all this they forgot their niche market & along the way added more costs in terms of hiring & sustaining new staff, operational costs of more unproductive branches. By the time they started closing some of these branches others had started creeping into their niche market....

Will the epitaph read similarly?
GOD BLESS YOUR LIFE
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Impunity
#15 Posted : Thursday, January 20, 2011 4:49:42 PM
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[quote=Dod]BBK said on Wednesday it would lay off 200 management-level staff in an effort to cut costs.

http://www.reuters.com/a...e/idUSLDE70I06920110119[/quote]

200 staff from the Kenyan subsidiary or worldwide?
d'oh!
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Dod
#16 Posted : Thursday, January 20, 2011 5:04:56 PM
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Kenyan subsidiary.
The rich have money working for them; the poor and the middle class are going to work for money.
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Kwanini
#17 Posted : Thursday, January 20, 2011 5:06:06 PM
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Me thinks bbk is faced by the usual HR dilemma.

1. Middle level chaps with MBAs and tha ilk being supervised by Gacwiri, the ex-form 4, mamasita who earns all tha bakes and has nothin but experience.

2. Tha Married But Available staff is being poached right and centre by others like CfC [Care for a Caress?] as there is no hope of rising in BBK.

3. Adan Moha is facing a bare chested Shareholder who wants nothing but cheddar... enter stanchart,best known for" why go for a bouque when u can have the garden?" Offload Registrar services, pay off Gacwiri, and create a Career path for the MBAs. Everyone goes home happy eh?
"For i am the master and the captain of my fate"
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BGL
#18 Posted : Friday, February 04, 2011 10:05:02 PM
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While BBK is cutting jobs in Kenya, the CEO of Barclays Plc Bob Diamond will earn a bonus of over £9mn for 2010.
History will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison
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VituVingiSana
#19 Posted : Saturday, February 05, 2011 12:21:10 AM
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How much does Mohd make?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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youcan'tstopusnow
#20 Posted : Saturday, February 05, 2011 8:37:36 AM
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Are banking/investment related jobs the best paying or what!
GOD BLESS YOUR LIFE
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