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. If you are already a subscriber, please click on the following link below to go to the full article: Absa cuts execs to get bank back into shape If you would like to subscribe to BusinessLIVE Premium to read the full story, please click here
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