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.

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