Jobs at risk as Absa overhauls retail bank
Finance labour union Sasbo was told to consult staff last week on the potential effect of the restructuring process
Absa is restructuring its SA retail and business banking unit within months of reducing the division’s management team and rolling out a new strategy. Finance labour union Sasbo was notified to begin consulting staff last week on the potential impact of the move, union representative Philip Landman said on Wednesday. About 15 retail-banking executives exited their positions at the lender in June, after a similar process was followed to flatten the unit’s top structure.
Discussions between Sasbo, Absa and employees are still in their early stages, with 827 jobs potentially at risk, Landman cited a written notice from the company as saying, adding that 340 people might be employed through the process. “At this point we are trying to figure out if what the bank is saying has merit, and prove that the restructuring is actually unnecessary.” “It is only once the realignment is complete that the total number of people who have either been appointed to new roles or have left the orga...