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Absa’s new CEO, Arrie Rautenbach, played his first major hand on Thursday, announcing a shake-up of the bank’s operating model along with a raft of executive changes designed to bring the senior leadership closer to its client-facing businesses.

The changes unveiled by Rautenbach, an Absa stalwart who took the reins of SA’s fourth-biggest bank towards the end of March, will see Absa move from two business clusters to five in a process that also involves reshaping the executive committee (exco) to boost transformation credentials...

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