Absa has overhauled its retail and business banking unit, cutting the leadership team in half and handing out voluntary severance packages, as the bank undergoes its most critical strategic shift since its formation in 1991. Reviving the retail and business bank, which has chronically underperformed, will be essential to improving Absa’s fortunes. The unit, which accounts for more than half of the banking group’s earnings, grew profit just 1% in 2017. "If we’re going to win back leadership in the retail sector, we’re going to have to do something fundamentally different," deputy CEO of the retail and business bank Bongiwe Gangeni said on Friday. Business Day understands Gangeni was promoted to the group executive committee ahead of her former boss, the former CE of consumer banking, Jan Moganwa. Moganwa is one of a number of executives who have opted for voluntary severance packages as part of a retrenchment process. Brienne van der Walt, previously head of business banking, left on...

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