NCBA has become the first bank since the coronavirus pandemic hit Kenya to retrench workers, signaling tough times ahead for bankers.

Mr Gachora said the uncertainty surrounding the pandemic has also forced them to reorganise its business model, with unspecified number of employees expected to go home in the next two months.

“Today, I announce that we are embarking on a process to reorganise our workforce which will result in reduction of staff headcount,” said Gachora in a statement to employees.

The re-organisation will be done in two-folds, with the first phase entailing a voluntary exit programme (VEP) which will see employees who wish to exit the company to do so with a benefits package.

In the second phase, whose outcome will depend on the VEP, workers will be declared redundant.

Expect disappointing Q3 and Q4 results.
Aside from COVID-19 pandemic effects the bad loans it inherited from NIC is weighing heavily on the bank.

NCBA Quarterly performance in 2020
Q1--2.46bn
Q2--1.45bn

Q3---loss of 120mn