Tuesday, April 22, 2025 - Reports of deepening discontent among Equity Bank staff have emerged, with some workers now linking their frustrations to internal pressure triggered by the bank’s recent profit announcement.
According to accounts shared confidentially, contract-based
employees are said to be grappling with growing anxiety over possible
retrenchment, as informal communication within the bank points to a looming
layoff plan expected to affect nearly 3,000 workers by June 2025.
At the centre of the tension are alleged threats by the
bank’s top leadership, with reports suggesting that performance expectations
have become more aggressive following the release of industry profit figures.
Equity Bank posted Ksh 49 billion in profit after tax for
2024, representing a 12% growth, a result that staff say has only increased
pressure on the workforce.
Sources further allege that employees are subjected to close
surveillance of personal mobile money transactions, with the objective of
identifying unauthorised dealings or income from side hustles.
There are claims that warning letters have already been
issued to some workers flagged for receiving M-Pesa payments, which management
allegedly interprets as money from customers.
Those who spoke out also criticized what they describe as an
unwritten policy prohibiting employees from engaging in any form of external
income-generating activity, such as running small kiosks, despite the
prevailing economic difficulties and the modest salaries they earn.
The same workers say they are now operating in an
environment marked by burnout, reduced morale and constant fear.
One message that was shared, in particular, points to
growing dissatisfaction with the CEO’s approach to internal performance
management, accusing him of instilling fear rather than motivating
productivity.
The appeal calls for fairer workplace expectations, a
re-evaluation of remuneration structures and the adoption of a more empathetic
leadership model.
"Good Morning
Cyprian. Please hide my identity.
Since this
announcement of profits by banks:
Banks' Profit After
Tax for Full-Year 2024 Results:
— KCB: Up 65% to Sh62
billion
— Equity: Up 12% to
Sh49 billion
— Co-op: Up 10% to
Sh25.5 billion
— StanChart: Up 45% to
Sh20 billion
— NCBA: Up 2% to Sh22
billion
— Absa: Up 28% to Sh21
billion
Equity Bank staff are
being threatened with performance expectations. Already there is news going
round that by June around 3,000 staff on contract will be heading home. The
environment here has led to increased stress, burnout, and decreased morale due
to constant threats from the CEO himself.
Despite the small
salaries that we are paid, we are not supposed to own even a kiosk as a side
hustle. Our mobile mpesa transactions are monitored to determine if you ever
received something from a customer and by that some of our colleagues have
already received warning letters and there are more to come. Just because KCB
topped, the easier target is now us the employees.
With the current
situation in the country, we are forced to endure all threats and insults just
to fend for our families. How I wish Dr James Mwangi could just be human and
instead of firing people and recruiting others because the circle will still
repeat itself, consider reviewing his salary scale and have measures to boost
performance instead of this frequent threats.
We spend more time in
Equity desks than we even get to see our families. We are putting our best foot
forward, no one earns a salary to come sleep at work. Let him be considerate of
all the factors and set realistic goals for his employees. Thank you."
Via Cyprian Nyakundi
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