Equity Bank is one of the leading financial institutions in Kenya, offering important services to millions of customers. The bank is led by James Mwangi, who serves as the chief executive officer. Under his leadership, the bank has grown in both size and reach.
However, recent news from the Business Daily newspaper published on Friday, 30th May 2025, has revealed a major decision that is now shaking the banking sector and affecting many employees. The bank has reached an agreement to sack 1,200 staff members.
According to the report, this move is aimed at protecting the interests of the bank and its customers.The CEO confirmed that the mass dismissal follows an internal investigation which revealed suspicious activities involving the use of M-Pesa and bank accounts linked to several employees.
These activities raised questions about the integrity of some staff members, leading the bank to act. James Mwangi stated in an interview with the Business Daily that he will be ruthless to employees who show signs of conflict of interest or engage in acts that may put the bank at risk.
He explained that the decision was not easy, but necessary to maintain customer trust and the reputation of the institution.The dismissals officially began on Wednesday, when the bank issued termination letters to the 1,200 employees. This was part of a wider internal cleanup that had started earlier in May. It followed an audit that began on April 14, targeting various departments and branches. The audit focused on unusual money movements and inconsistencies that could point to fraud or abuse of position.
Employees affected include junior tellers, branch officers, and some mid-level managers.Though the bank claims it is cleaning up to strengthen ethics and reduce internal fraud, some employees have expressed frustration with how the process was handled.
A few of them say they were fired even after explaining their transactions and providing documents to support their case. This has raised concerns about fairness and whether the audit was carried out in a balanced way.
There is also suspicion among insiders that the massive purge may be covering up other motives, such as opening space for new hires from certain training programs linked to the bank.
So far, nearly 1,400 employees have been shown the door, making this one of the biggest mass sackings in Kenya’s banking history.
With many departments now left understaffed, the mood inside the bank is said to be tense. Questions are also being asked about how such a large cleanup can happen so quickly without affecting service delivery. Critics are warning that if the bank does not clarify the reasons behind each dismissal, it risks losing public trust.
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