DFCU Knifes 250 Crane Bank Workers
DFCU Bank has sent home over 250 former workers of Crane Bank after deeming them excess to requirement.
This move comes as dfcu continues to consolidate its take over of Crane Bank after acquiring the failed bank from Bank of Uganda last month.
Crane Bank had 700 staff and after branch mergers and system integration, dfcu terminated the services of 250 workers who were formerly under the Sudhir Ruparelia owned bank.
DFCU took over Crane bank after the latter was taken over by Bank of Uganda after it became heavily undercapitalized following losses and years of mismanagement.
The affected workers will be paid their terminal benefits and are free to seek employment elsewhere starting with March this year.
The job losses were occasioned by brink mergers and the need to avoid role duplication. Many of the affected were Indian expats that Crane Bank had relied on to manage the bank.