African Bank first to mull job cuts as industry braces for wave of bad debts
Sales and collections slide as consumers feel the pinch
27 October 2020 - 17:17
UPDATED 28 October 2020 - 09:57
As the industry prepares for an extended recession and a wave of skipped consumer loan repayments, African Bank is the first lender to put retrenchments on the table.
The bank, which was rescued in a R10bn bailout package devised by the Reserve Bank after choking under a mountain of bad debts in 2014, said on Tuesday in the worst-case scenario as many as 317 workers, or one in 10, are likely to lose their jobs in the restructuring drive...
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