Hundreds of Jobs at Risk as Absa Revamps Its South African Retail Bank
- Labor union says talks with Absa and employees in early stages
- Lender is pushing ahead with strategy to grow market share
An Absa Group Ltd. bank branch in Johannesburg, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
Absa Group Ltd. is restructuring its South African retail and business banking unit within months of reducing the division’s management team and rolling out a new strategy.
Finance labor union Sasbo was notified to begin consulting staff last week on the potential impact of the move, union representative Philip Landman said by phone Wednesday. About 15 retail-banking executives exited their positions at the Johannesburg-based lender in June, after a similar process was followed to flatten the unit’s top structure.