EDITORIAL: New broom has to deal with old troubles at Absa
Sipho Pityana’s court action shows leadership still bugs the bank that has had three CEOs since Maria Ramos retired
All things considered, 2021 was shaping up not to be a bad year after all for Absa, which has seemed to go from one leadership crisis to another in recent years.
Just a little more than three weeks ago, it inked a potentially transformative deal in the asset management industry, teaming up with Sanlam and Patrice Motsepe’s African Rainbow Capital. Two weeks before that, interim CEO Jason Quinn announced an intention to implement a second broad-based BEE transaction. While the bank has once again found itself with an acting leader, something of a clear strategy seemed to be emerging regarding its aim to challenge Standard Bank in corporate and investment banking...