Home News Hundreds of jobs at risk at Absa

Hundreds of jobs at risk at Absa

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“At this point, we are trying to figure out if what the bank is saying has merit, and prove that the restructuring is actually unnecessary.”

Discussions between Sasbo, Absa and employees are still in their early stages, with 827 jobs potentially at risk. Photo: Supplied

HUNDREDS of staff members are expected to lose their jobs following an announcement by the Absa Group that it is restructuring its South African retail and business banking unit.

The announcement comes within months of reducing the division’s management team and rolling out a new strategy.

Finance labour union Sasbo was notified to begin consulting staff last week on the potential impact of the move, union representative Philip Landman said.

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.

Discussions between Sasbo, Absa and employees are still in their early stages, with 827 jobs potentially at risk, Landman cited a written notice from the company as saying, adding that 340 people might be employed through the process.

“At this point, we are trying to figure out if what the bank is saying has merit, and prove that the restructuring is actually unnecessary.”

Absa said in e-mailed comments: “It is only once the realignment is complete that the total number of people who have either been appointed to new roles or have left the organisation will be known with certainty.”