-Kenya Coop Bank reduces senior staff for cost-savings.
BANKING AND CREDIT NEWS-June 7, 2011--Kenya Coop Bank reduces senior staff for cost-savings(C)2011 M2 COMMUNICATIONS http://www.m2.com
7 June 2011 - Co-operative Bank of Kenya (NBO:COOP) has reduced its senior staff by 34 members, according to a Tuesday report by Business Daily.
The move is aimed at slashing costs and boosting efficiency of reporting levels, the Kenyan paper said quoting a memo sent by managing director Gideon Muriuki to employees.
Salary payments increased to KES4.5bn (USD51m/EUR35m) last year from KES3.8bn in the prior year after the bank raised its staff numbers by a fifth to 2,766, the memo showed.
The bank said in April its first-quarter 2011 pre-tax profit gained 57% in annual terms to KES2.05bn due to higher net interest income.
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