Two of South Africa's largest banks have terminated their contracts with the disgraced US consulting company that has been implicated in state capture. On Friday Standard Bank and Barclays Africa confirmed to Business Times that they had decided to end their relationship with McKinsey & Co as the consulting firm was embroiled in a legal dispute over R1.6-billion it had been irregularly paid by Eskom. Standard Bank "has notified it accordingly", said Ross Linstrom, spokesman for the largest bank by clients. The bank had previously said it "would not rush to judgment" on its supplier relationships with McKinsey, auditing firm KPMG and information technology provider SAP. Fees put in trust account Barclays Africa had taken a decision not to contract any new work with McKinsey, said spokesman Songezo Zibi. The group "is going through a process of winding down existing work", he said. McKinsey was advising the group on strategy and management. McKinsey said earlier this month that it wou...
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