Equity Group has fired around 2,000 employees over conflict-of-interest concerns, following an internal ethics audit that flagged unexplained inflows into staff accounts. Those unable to justify the funds exited with basic dues, forfeiting long-service benefits. Despite the cuts, staff costs rose 19.2% to Sh28.5 billion after a backdated 20% pay rise, with entry-level salaries in Kenya increasing from Sh65,000 to Sh116,000. The bank is aligning compensation with performance under a “shared prosperity” model, while scaling up compliance training to curb insider fraud and safeguard its Sh52.1 billion net profit franchise.
Some Equity Bank staff are aiding in stealing money for customers in the bank. A number of customers have launched court cases for specific employees after discovering that they money mysteriously disappeared from their bank accounts.
