NCB cuts Lynk jobs in hunt for cash to pay dividends

NCB Financial Group is restructuring its fintech subsidiary TFOB (2021) Limited, which trades as Lynk, resulting in job losses particularly among employees engaged as contractors. It is also likely to affect some department heads.

NCB has not detailed the size of the job cuts, saying that the changes are still being implemented. For now, the banking conglomerate is only reporting that the restructuring, which is a cost-cutting measure, “will affect less than 2 per cent of the total workforce” across the entire group, but reports from sources familiar with the matter say that about 30 employees attached to Lynk have been affected by the restructuring.