Standard Bank Group and Absa Group are among SA banks holding off on any further layoffs as they prepare to help the shrinking economy survive a potential jobs bloodbath.
Local lenders join global institutions from New York, Paris, London and Frankfurt that have pledged to preserve jobs during the coronavirus pandemic. Most SA lenders have already trimmed staff as they moved to digital services and dealt with an economy struggling with a series of recessions and a 29.1% unemployment rate — even before a lockdown to contain Covid-19 brought businesses to a halt...
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