Bloomberg News

Kenya’s Co-operative Bank Cuts 34 Managers, Business Daily Says

June 07, 2011

June 7 (Bloomberg) -- Co-operative Bank of Kenya Ltd. has cut 34 managers to lower costs and increase efficiency by reducing reporting layers, Business Daily reported.

Co-operative Bank’s 2010 wage bill rose to 4.5 billion shillings ($51.7 million) compared with 3.8 billion shillings in 2009, after the number of employees rose about 20 percent to 2,766, the Nairobi-based newspaper said, citing a memo to staff by Managing Director Gideon Muriuki.

Link to Company News:{COOP KN <Equity> CN <GO>}

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Tim Smith at tsmith58@bloomberg.net


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