Standard Bank: lay-offs likely to hit jo’burg and London managers

2010-10-07 00:00

STANDARD Bank Group, South Africa’s largest bank by market value, has announced to staff that a fresh round of retrenchments will most likely hit managers based in its London and Johannesburg offices.

A confidential e-mail was circulated on Tuesday afternoon signed by group CEO Jacko Maree and Sim Tshabalala, head of Standard Bank South Africa.

The e-mail, which cited cost pressures for the staff reductions, was confirmed by Standard Bank spokesperson Ross Linstrom.

In its interim results to end-June, the group said its earnings rose 11% to R5,9 billion on the back of improved market confidence and better returns from wealth management business Liberty Holdings.

It also managed to nearly halve its impairment charge from R7 billion in the first half of 2009 to R4 billion.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.