Rank: Elder Joined: 7/21/2010 Posts: 6,194 Location: nairobi
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Ericsson wrote:https://www.businessdailyafrica.com/corporate/companies/HF-set-to-lay-off-36-employees-in-cost-cutting-plan/4003102-4691886-i3i8vxz/index.html
HF Group is set to lay off about 36 employees in a cost-cutting move that will see it merge some staff positions.
The mortgage lender reported a 58 per cent drop in profits to Sh37.1 million in the first three months of the year.
It said Tuesday that the restructuring would result in merger, redundancy and creation of new roles for its recently launched digital banking strategy.
The move, the bank announced, commences immediately and targets up to nine per cent of the workforce, with those affected being offered a redundancy package.
It had 403 employees at the close of December last year, indicating that the redundancy will affect about 36 employees.
In 2016, the group’s workforce was 479. The latest exit will therefore mean that staff size has shrunk by about 112 employees in less than two years.
Operational costs
Group managing director Frank Ireri said the latest layoffs will enable customer-focused decision-making, provide clarity on operational accountabilities and curb operational costs.
“By rationalising roles, we are providing the appropriate gearing towards future growth and addressing current issues such as operating costs for the business, which have remained high and hindered our ability to operate profitably,” said Mr Ireri who is set to leave HF in March next year. I wonder why someone like ireri who has steered this company to doom is still sacking people and not himself "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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mlennyma wrote:Ericsson wrote:https://www.businessdailyafrica.com/corporate/companies/HF-set-to-lay-off-36-employees-in-cost-cutting-plan/4003102-4691886-i3i8vxz/index.html
HF Group is set to lay off about 36 employees in a cost-cutting move that will see it merge some staff positions.
The mortgage lender reported a 58 per cent drop in profits to Sh37.1 million in the first three months of the year.
It said Tuesday that the restructuring would result in merger, redundancy and creation of new roles for its recently launched digital banking strategy.
The move, the bank announced, commences immediately and targets up to nine per cent of the workforce, with those affected being offered a redundancy package.
It had 403 employees at the close of December last year, indicating that the redundancy will affect about 36 employees.
In 2016, the group’s workforce was 479. The latest exit will therefore mean that staff size has shrunk by about 112 employees in less than two years.
Operational costs
Group managing director Frank Ireri said the latest layoffs will enable customer-focused decision-making, provide clarity on operational accountabilities and curb operational costs.
“By rationalising roles, we are providing the appropriate gearing towards future growth and addressing current issues such as operating costs for the business, which have remained high and hindered our ability to operate profitably,” said Mr Ireri who is set to leave HF in March next year. I wonder why someone like ireri who has steered this company to doom is still sacking people and not himself ."reoganization costs, retrenchment costs blah blah blah ate into our profits" .Hide trails .Soft landing to incompetent cronies .Disorient would be whistle blowers post Frank githeri's exit Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 6/23/2009 Posts: 14,217 Location: nairobi
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Pesa Nane wrote:mlennyma wrote:Ericsson wrote:https://www.businessdailyafrica.com/corporate/companies/HF-set-to-lay-off-36-employees-in-cost-cutting-plan/4003102-4691886-i3i8vxz/index.html
HF Group is set to lay off about 36 employees in a cost-cutting move that will see it merge some staff positions.
The mortgage lender reported a 58 per cent drop in profits to Sh37.1 million in the first three months of the year.
It said Tuesday that the restructuring would result in merger, redundancy and creation of new roles for its recently launched digital banking strategy.
The move, the bank announced, commences immediately and targets up to nine per cent of the workforce, with those affected being offered a redundancy package.
It had 403 employees at the close of December last year, indicating that the redundancy will affect about 36 employees.
In 2016, the group’s workforce was 479. The latest exit will therefore mean that staff size has shrunk by about 112 employees in less than two years.
Operational costs
Group managing director Frank Ireri said the latest layoffs will enable customer-focused decision-making, provide clarity on operational accountabilities and curb operational costs.
“By rationalising roles, we are providing the appropriate gearing towards future growth and addressing current issues such as operating costs for the business, which have remained high and hindered our ability to operate profitably,” said Mr Ireri who is set to leave HF in March next year. I wonder why someone like ireri who has steered this company to doom is still sacking people and not himself ."reoganization costs, retrenchment costs blah blah blah ate into our profits" .Hide trails .Soft landing to incompetent cronies .Disorient would be whistle blowers post Frank githeri's exit A sad ending to the affected employees
KQ ABP 4.26
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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mlennyma wrote:Ericsson wrote:https://www.businessdailyafrica.com/corporate/companies/HF-set-to-lay-off-36-employees-in-cost-cutting-plan/4003102-4691886-i3i8vxz/index.html
HF Group is set to lay off about 36 employees in a cost-cutting move that will see it merge some staff positions.
The mortgage lender reported a 58 per cent drop in profits to Sh37.1 million in the first three months of the year.
It said Tuesday that the restructuring would result in merger, redundancy and creation of new roles for its recently launched digital banking strategy.
The move, the bank announced, commences immediately and targets up to nine per cent of the workforce, with those affected being offered a redundancy package.
It had 403 employees at the close of December last year, indicating that the redundancy will affect about 36 employees.
In 2016, the group’s workforce was 479. The latest exit will therefore mean that staff size has shrunk by about 112 employees in less than two years.
Operational costs
Group managing director Frank Ireri said the latest layoffs will enable customer-focused decision-making, provide clarity on operational accountabilities and curb operational costs.
“By rationalising roles, we are providing the appropriate gearing towards future growth and addressing current issues such as operating costs for the business, which have remained high and hindered our ability to operate profitably,” said Mr Ireri who is set to leave HF in March next year. I wonder why someone like ireri who has steered this company to doom is still sacking people and not himself Where was HF before Ireri took over? It was just being eaten by KANU thugs. No new project since Komarock and Buruburu in the 70s and 80s. Ireri brought it back from the dead. Life is short. Live passionately.
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Rank: Veteran Joined: 11/13/2015 Posts: 1,654
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sparkly wrote:
Where was HF before Ireri took over? It was just being eaten by KANU thugs. No new project since Komarock and Buruburu in the 70s and 80s. Ireri brought it back from the dead.
Ireri was like Naikuni took the shareholders on a round-trip and brought them back to the station. HF has this thing of risking its capital getting to the market during the late stage of the real estate cycle. Buru and Koma are examples of this. After that the recession begins and HF goes after borrowers aggressively. Ireri repeated the same sin becoming a property developer in Koma, clayworks, kahawa downs etc.in the late stage.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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wukan wrote:sparkly wrote:
Where was HF before Ireri took over? It was just being eaten by KANU thugs. No new project since Komarock and Buruburu in the 70s and 80s. Ireri brought it back from the dead.
Ireri was like Naikuni took the shareholders on a round-trip and brought them back to the station. HF has this thing of risking its capital getting to the market during the late stage of the real estate cycle. Buru and Koma are examples of this. After that the recession begins and HF goes after borrowers aggressively. Ireri repeated the same sin becoming a property developer in Koma, clayworks, kahawa downs etc.in the late stage. Naikuni took over a healthy KQ and killed it. Ireri took a dead company and breathed life into it. Life is short. Live passionately.
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Rank: Elder Joined: 12/7/2012 Posts: 11,935
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sparkly wrote:wukan wrote:sparkly wrote:
Where was HF before Ireri took over? It was just being eaten by KANU thugs. No new project since Komarock and Buruburu in the 70s and 80s. Ireri brought it back from the dead.
Ireri was like Naikuni took the shareholders on a round-trip and brought them back to the station. HF has this thing of risking its capital getting to the market during the late stage of the real estate cycle. Buru and Koma are examples of this. After that the recession begins and HF goes after borrowers aggressively. Ireri repeated the same sin becoming a property developer in Koma, clayworks, kahawa downs etc.in the late stage. Naikuni took over a healthy KQ and killed it. Ireri took a dead company and breathed life into it. And then killed it. Different routes, same outcome!!! In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Chief Joined: 1/3/2007 Posts: 18,347 Location: Nairobi
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sparkly wrote:wukan wrote:sparkly wrote:
Where was HF before Ireri took over? It was just being eaten by KANU thugs. No new project since Komarock and Buruburu in the 70s and 80s. Ireri brought it back from the dead.
Ireri was like Naikuni took the shareholders on a round-trip and brought them back to the station. HF has this thing of risking its capital getting to the market during the late stage of the real estate cycle. Buru and Koma are examples of this. After that the recession begins and HF goes after borrowers aggressively. Ireri repeated the same sin becoming a property developer in Koma, clayworks, kahawa downs etc.in the late stage. Naikuni took over a healthy KQ and killed it. Ireri took a dead company and breathed life into it. The end result is almost the same though HF is far more livelier than KQ. Plus HF is in a tough market when your lending is long-term but the duration of deposits is short-term AND volatile. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 12/4/2009 Posts: 10,804 Location: NAIROBI
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VituVingiSana wrote:sparkly wrote:wukan wrote:sparkly wrote:
Where was HF before Ireri took over? It was just being eaten by KANU thugs. No new project since Komarock and Buruburu in the 70s and 80s. Ireri brought it back from the dead.
Ireri was like Naikuni took the shareholders on a round-trip and brought them back to the station. HF has this thing of risking its capital getting to the market during the late stage of the real estate cycle. Buru and Koma are examples of this. After that the recession begins and HF goes after borrowers aggressively. Ireri repeated the same sin becoming a property developer in Koma, clayworks, kahawa downs etc.in the late stage. Naikuni took over a healthy KQ and killed it. Ireri took a dead company and breathed life into it. The end result is almost the same though HF is far more livelier than KQ. Plus HF is in a tough market when your lending is long-term but the duration of deposits is short-term AND volatile. End game is he killed it Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 6/23/2009 Posts: 14,217 Location: nairobi
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Ericsson wrote:VituVingiSana wrote:sparkly wrote:wukan wrote:sparkly wrote:
Where was HF before Ireri took over? It was just being eaten by KANU thugs. No new project since Komarock and Buruburu in the 70s and 80s. Ireri brought it back from the dead.
Ireri was like Naikuni took the shareholders on a round-trip and brought them back to the station. HF has this thing of risking its capital getting to the market during the late stage of the real estate cycle. Buru and Koma are examples of this. After that the recession begins and HF goes after borrowers aggressively. Ireri repeated the same sin becoming a property developer in Koma, clayworks, kahawa downs etc.in the late stage. Naikuni took over a healthy KQ and killed it. Ireri took a dead company and breathed life into it. The end result is almost the same though HF is far more livelier than KQ. Plus HF is in a tough market when your lending is long-term but the duration of deposits is short-term AND volatile. End game is he killed it He surely did..
KQ ABP 4.26
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