South African bank to lay off 2,000 employees

21:36, October 22, 2010      

Email | Print | Subscribe | Comments | Forum 

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


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion