JOHANNESBURG – Absa Group is restructuring its South African retail and business banking unit within months of reducing the division’s management team and rolling out a new strategy. Finance labour union Sasbo was notified to begin consulting staff last week on the potential impact of the move, union representative Philip Landman said on Wednesday.
Discussions between Sasbo, Absa and employees are still in their early stages, with 827 jobs potentially at risk, Landman cited a written notice from the company as saying, adding that 340 people might be employed through the process. “At this point, we are trying to figure out if what the bank is saying has merit, and prove that the restructuring is actually unnecessary.”
The shake-up comes as South African lenders contend with slow economic growth and a consumer base battered by tax hikes and rising fuel and utility expenses. A stubborn unemployment rate of about 27percent and declining business confidence is also curbing demand for loans, forcing banks to bring their costs down.
busrep Interesting that all the banks are shedding staff - Nedbank had net reduction in headcount, as did Standard and now Absa. Shows what technology in particular can do.
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