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.

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