Nedbank CEO Mike Brown blasts ruining of SA’s economy
The Nedbank CEO says Zuma's shock reshuffle had been a snub to the partnership work of business, the government and labour
Nedbank CEO Mike Brown has joined a growing chorus of business leaders who are speaking out against government’s mismanagement of the economy and the incompetence and corruption in management of certain state-owned enterprises. These were negatively affecting confidence, investment, economic growth and job creation, Brown said. The country’s third-largest bank by assets has revised its full-year outlook downwards as the economy slows, partly as a result of these issues. Nedbank experienced slower revenue growth for the first half of the year as SA slipped into recession in the first quarter, coupled with rising unemployment, which placed consumers under pressure and slowed the growth of loans and the number of transactions. Half of the group’s key performance targets — including return on equity and diluted headline earnings per share — are not expected to be met this year due to the economic outlook, which was worsened by the March 31 cabinet reshuffle. Brown said the reshuffle had...
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