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African Bank looks to fire 652 staff

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Johannesburg - African Bank this week issued notices to its staff related to a restructuring plan that will see as many as 652 staff members retrenched, a source told City Press.

“About 650 employees at African Bank will be retrenched. This is after the bank was rescued by government from liquidation,” the source added.

The retrenchment of 652 staff would see about a sixth of bank’s staff complement of 4 075 shed amid a high unemployment rate and a stagnant economy.

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