Absa may retrench staff

2011-05-06 07:26

One of SA’s top four banks, Absa, has announced that it was consolidating operations but denied it was retrenching staff, the Business Day newspaper reported today.

Finance trade union Sasbo said about 200 of its members at branches in the Western Cape, Randburg and Durban had received letters that their services were being transferred to other departments.

But Absa deputy CEO Louis von Zeuner said the bank would not retrench to cut costs.

Sasbo claims a 20?000 membership at Absa.

Last year, Standard Bank retrenched about 1 600 people.

Banks have been going through tough financial times and confidence levels among retail bankers were at a nine-year low, reported the Business Day.

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