Global Trust Bank has laid off 27 workers and shut down some branches, in what officials say is part of the bank’s strategy to become more efficient. A press statement from the bank does not mention which department has been most affected by the layoffs. Neither does it point out which branches have been closed.
“In the last three months, the bank has been restructuring its business in a seamless manner that has included the closure of some branches and agencies in order to rationalize its branch distribution network. It has also included the letting go of about 27 staff to make the bank more nimble and highly efficient,” notes the press statement. Global Trust Bank had 14 branches by the time it bought Commercial Microfinance Limited last year.The press statement notes that the changes are geared towards helping customers manage their own banking through different technological products. Richard Byaruhanga, the Managing Director of the bank, is quoted as saying: “Over the next three months, we will introduce a number of channels that we have spent all of this year planning and building to launch Global Trust Bank into an exciting new phase that will change the face of banking in Uganda.”
Subscribe to this comment's feed
Show/Hide comments
Show/Hide comment form
