UAP Old Mutual to axe 100 employees
Financial services firm UAP Old Mutual is set to lay off 100 employees, a year after its merger as part of its restructuring efforts.
This follows a review of the business after the merger with the group keen to eliminate overlapping roles.
In a memo to staff, UAP Old Mutual Group chief executive officer Peter Mwangi said the restructuring had been necessitated by the need to make the business more efficient.
The CEO informed the employees of the need to review the business during a meeting held in November last year.
“The review process has been concluded and it has been determined that we need to implement various adjustments/changes. The adjustments are aimed at realizing synergies and efficiencies for the whole group, eliminating duplication of roles, reducing expenses and strengthening the financial performance of some of the affected businesses,” Mr Mwangi said.
UAP Old Mutual becomes the latest player in the financial services industry to lay off staff in a drive to lower costs.
“It is estimated that the total number of roles across the Kenyan businesses that will be adversely affected by the process will not exceed 100,” he said.
Mr Mwangi said the changes would only affect the Kenyan business with a review of other markets expected later.
UAP Old Mutual has operations in Rwanda, South Sudan, Tanzania, the Democratic Republic of Congo and Uganda.
Since merging in 2016, UAP Old Mutual has been working towards linking all its business operations, a move that is expected to be complete in 2018.
The group has already merged its insurance and banking operations, allowing customers access services at one branch.