Equity Group fires 1,200 staff after internal $1.5 million fraud probe

Leading Kenyan Bank, Equity Group, Fires 1,200 Staff Following $15.4 Million Internal Fraud Investigation

Equity Group, Kenya’s second-largest bank by assets, has dismissed over 1,200 employees as part of an aggressive internal effort to stamp out fraud, CEO James Mwangi has announced. It is one of the most significant anti-fraud actions ever taken by a Kenyan bank. The massive layoffs follow a months-long internal probe that uncovered extensive employee collusion with fraudsters – costing the bank more than $15.4 million (KES 2 billion) over the pa…

Equity Group fires 1,200 staff after internal $1.5 million fraud probe

Equity Group, Kenya’s second-biggest bank by assets, has fired more than 1,200 employees in a sweeping internal purge to crack down on fraud, CEO James Mwangi said on Wednesday. This marks one of the largest anti-fraud moves by a Kenyan bank in recent years. The mass dismissal follows a months-long internal investigation into staff collusion with fraudsters, which has cost the bank more than $1.5 million (KES 2 billion) over the past two years. …