South Africa’s Standard Bank says it will cut 2100 jobs

By bne IntelliNews October 24, 2010
South Africas Standard Bank,  Africas largest bank by assets, says it willcut 2,100 jobs - 1,200 permanent positions and 600 contractors locally andanother 300 permanent and non-permanent jobs in London - to cut costs due toreceding revenues. Standard said it employs 50,000 people, but revenue pressurewill continue during 2011. South African banks have struggled as highemployment and high household debt have lowered demand for loans and squeezedcorporate spending. Standard Bank reported a 9% rise in H1 profit in Aug,helped by a decline in bad loans. Net interest income and non-lending revenuehave both declined though and they are the two most important measures for acommercial bank.

Written by IntelliNews.The report is based on sources, which we believe to be reliable, but nowarranty, either express or implied, is provided in relation to the accuracy orcompleteness of the information. The views expressed are our best judgement asof the date of issue and are subject to change without notice. Opinions are notnecessarily those of Internet Securities Inc., EuromoneyInstitutional Investor PLC or its affiliates. Internet SecuritiesInc. and Euromoney Institutional Investor PLC take noresponsibility for decisions made on the basis of these opinions. Anyredistribution of this information is strictly prohibited.

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