South African bank to lay off 2,000 employees

21:36, October 22, 2010      

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Standard Bank in South Africa is retrenching more than 2,000 staff members as part of a major cost-cutting drive.

The Business Day newspaper in Johannesburg reported on Friday that the move comes after a bank review showed that Standard's revenue would remain under pressure well into next year.

In South Africa, 1,200 staff will be laid off, another 300 in the bank's UK operations and a further 600 contractors.

Standard Bank chief executive Jacko Maree and his deputy Sim Tshabalala said in a staff update newsletter that the bank had no choice but to cut costs through retrenchment.

There have recently been warnings by bank analysts in South Africa that profit will remain under pressure due to reduced demand for credit by both individual consumers and companies.

Two months ago, Maree told Business Day the South African economy was moving sideways, and there were no prospects for immediate recovery after last year's recession.

South Africa's other major banks Absa , FNB and Nedbank said they had no immediate plans to cut staff.

The South African Society of Bank Officials (SASBO) , a finance union, said it was "extremely disappointed" by the number of job cuts Standard Bank intends to make.

This followed consultations between SASBO -- representing 15, 400 members in Standard Bank -- and the company on Thursday.

Source: Xinhua

(Editor:王千原雪)

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