In this week's edition we take a look at the Zuma effect, surprising ways the economy will change and deliver a sobering Covid-19 report card.
The decision comes months before current CEO Ian Kirk’s five-year contract was scheduled to end in December.
Absa announced on Sunday that it is introducing a comprehensive customer, business and corporate relief programme.
Banks have taken a number of steps to soften the blow of lockdown on customers, including waiving Saswitch penalty fees at ATMs and minimising branch closures, the Banking Association of South Africa has said.
After almost three decades as part of a diversified financial services business, Investec Asset Management last week separated from its parent Investec and on Monday listed on the JSE and London Stock Exchanges as Ninety One.
Rand Merchant Holdings, which is a majority stakeholder of OUTSurance reported a 14% decline in headline earnings per share for the six months ended 31 December 2019.
The proportion of black executive directors in South Africa's banking industry improved over the period from 2016 to 2018 but remains below the industry target of 50%.
HSBC Holdings is set to slash about 35 000 of its workforce, and is taking $7.3bn of charges in its most dramatic overhaul under chairperson Mark Tucker.
African Rainbow Capital, founded by billionaire SA businessman Patrice Motsepe, announced that TymeBank, in which ARC has a majority shareholding, has entered into a partnership with the Zion Christian Church.
Futuregrowth Asset Management, the Old Mutual fixed-income unit, said it plans to boost the proportion of the R185bn fund manager owned by black South Africans.
The South African Reserve Bank has imposed administrative sanctions on five major banks due to weaknesses in the banks’ money laundering control measures. This didn't mean they had facilitated transactions involving money laundering, the SARB added.
Both Sanlam and Santam have warned that the Covid-19 outbreak will impact growth prospects. However, both insurers say they are well capitalised to weather the storm.
South African banks are being criticised by labour unions and small business owners for not doing enough to help struggling customers as the coronavirus lockdown looms.
This follows an initial raft of interventions announced last week to provide lenders with cheaper access to funding.
The Financial Sector Conduct Authority warns the public not to conduct financial services business with Masibekele Funeral Parlour and MISI Burial Society.
Three former Barclays executives were acquitted in London of charges they helped funnel £322m in secret fees to Qatar during the credit crisis, in return for rescue funding.
Investec is increasing its focus on environmental, social and governance issues to bolster its profit and address concerns raised by investors over climate change.
Hylton Kallner, current CEO of Discovery Life, will assume the role of CEO of Discovery's South African operations.
Kennedy is ready to take up a new challenge when he retires as head of corporate and investment banking - perhaps even at one of the ailing state-owned companies.
The Financial Sector Conduct Authority has provisionally withdrawn the licence of a Pietermaritzburg-based investment company, Exclusive Life Financial Services.
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