KBank bullish on cutting employee costs

Kasikornbank (KBank) has successfully implemented its early retirement (ER) programme and aims to reduce employee costs by 10-20% over five years as it increasingly adopts artificial intelligence (Al).

- SOMRUEDI BANCHONGDUANG

Kattiya Indaravijaya, chief executive of Bank, said the ER programme delivered the expected results and will help lower personnel expenses.

The bank continues to invest in information technology systems to support growing demand for digital banking and Al-driven services, she said.

Ms Kattiya did not disclose how many employees retired early. As of June this year, KBank employed about 18,300 staff.

The country’s third-largest lender by total assets, the bank recently introduced a onetime ER scheme open to employees 45 and older.

The voluntary programme was available from Aug 15 to Oct 7, targeting eligible applicants aged 45-59.