Standard Chartered Kenya has trimmed its workforce to fewer than 1,000 employees, marking the 11th straight year of staff reductions as the lender deepens its shift toward digital banking.
The bank employed 942 people at the end of 2025, down slightly from 1,001 a year earlier, according to its latest annual report. The figure underscores a long-running restructuring drive that has cut headcount by more than half from a peak of 2,048 in 2014.
While layoffs have continued, the pace appears to be slowing. Redundancy costs fell sharply to KES 112.27 million ($870,000) in 2025, compared to KES 580.1 million ($4.4 million) the previous year. Still, the cumulative cost of workforce reductions over the past decade has reached KES 4.71 billion.
The downsizing reflects a broader strategic pivot. Once reliant on expansive branch networks and retail banking, Standard Chartered Kenya is increasingly focused on wealth management, corporate lending, and digital-first services, a transition that gained momentum during the COVID-19 pandemic and has since become central to its operations.
Investment in technology has been a key pillar of that shift. Over the past five years, the bank has spent more than KES 14 billion ($108.4 million) upgrading its digital infrastructure, automating services, and steering customers toward mobile and online platforms. Its physical footprint has shrunk alongside that effort, with branches declining from 42 in 2016 to fewer than 25 in 2025.
Despite the leaner workforce, staff costs rose to KES 11.4 billion ($88.2 million) in 2025, up from KES 9.3 billion a year earlier. The increase suggests a shift in hiring toward fewer but more specialised employees, particularly in areas such as technology, risk management, and relationship management for high-net-worth and corporate clients.
The bank’s strategy contrasts with some of its larger peers, including KCB Group, Equity Group, and Co-operative Bank of Kenya, which have expanded their workforces in recent years.
Across Kenya’s banking sector, however, the trend toward digital transactions continues to reduce reliance on physical branches. With fewer customers visiting banking halls, the case for maintaining large branch networks and the staff that support them is steadily weakening, especially for lenders like Standard Chartered whose clientele has largely embraced digital channels.
