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.

Copyright © 1999-2010 Internet Securities, Inc.,all rights reserved. A Euromoney Institutional Investor company. Copyright ©1998-2010 Sofia, all rights reserved.

 

 

Related Articles

South Africas Exxaro mulls firing striking coal miners.

South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more

South Africas Telkom says there is no decision to lay off 13,000 employees.

South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more

BP, Masana Petroleum Solutions sell LPG business in South Africa.

Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more

Dismiss