Absa to reunite its SA retail bank as it acknowledges ‘missteps’
Trading update promises materially stronger earnings growth
06 December 2024 - 08:51
UPDATED 08 December 2024 - 18:30
Absa is to recombine its three SA retail banking businesses into a single retail bank in a move that suggests it is walking back from some of the strategies pursued by former CEO Arrie Rautenbach, who took early retirement in August amid disaffection within the banking group’s staff.
The changes to the retail bank will kick off on January 1 and the group is working with its staff on the transition, which Absa interim CEO Charles Russon said was about the group’s interaction with its customers, not about cost-cutting. ..
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