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Absa Bank of Kenya spent Sh1.06 billion in 2020 to lay off staff due to the global pandemic – in a restructuring process that impacted 1,991 employees on its payroll from 2,152 in 2019.
As a result, the lender switched to digital channels platform to cover for the losses that last year grew by 44 per cent fall in net profit to Sh4.16 billion—the lowest in over 14 years by the bank.