Standard Bank to cut jobs in corporate, investment banking units outside Africa.

By bne IntelliNews November 12, 2012
South Africa-based Standard Bank plans to reduce the staff number at its corporate and investment banking subsidiaries outside Africa in line with a cost cutting initiative aimed at achieving savings of about USD 100mn from its international operations, BDay Live reported. As part of the cost reduction plan, the bank expects to eliminate between 10% and 15% of its approximately 900 permanent roles in London, its CEO Jenny Knott was quoted as saying. "The process for communicating the impact to our staff in our other jurisdictions outside Africa will be completed next week," he added. Standard Bank, the biggest bank in Africa by assets, is restructuring its international corporate and investment banking business in response to the challenging global economic climate and evolving regulatory regime for banks. The banks goal is to simplify the business, cut its costs and improve its profitability while keeping its services to its targeted client base.

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

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss