The management of the Equity bank has terminated services of about 38 staff from its branches across the country.

25 of them are national staff, and 13 are foreign.

The Kenya-based commercial bank says the move is aimed at reducing the cost of operation amidst the economic crisis.

“This is staff rationalization exercise that has been done in response to the current economic situation and business performance,” Paul Gitahi, Managing Director, told Eye Radio.

However, he said the relieved employees would be reinstated should the economy stabilize.

“The same staff will be given an opportunity to take up those jobs when the economic situation improves and business thrives.”

Mr. Gitahi went on to say that the bank did seek approval from all the relevant authorities before implementing the changes, including the Ministry of Labor.