Today's Labour News

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absalogo thumb100 City Press reports that black professionals at Absa Capital on Tuesday staged a walk out after a top black manager, Phakamani Hadebe, was passed over for the position of head of corporate and investment banking.  

According to a source (unnamed) close to the company, about 20 black employees got up and left during the announcement of leadership changes at the company’s headquarters in Sandton.  The source went on to comment:  “The bank’s record on transformation is not rosy ... and the argument that there are not capable and sufficiently experienced black professionals just doesn’t wash any more when things like this happen.  It is the first time in my career, I have seen black professionals actually openly display their level of displeasure in this manner …  People are fed up ... Things are going to reach a tipping point – we can’t continue like this.”  A Barclays Africa Group spokesperson said Hadebe had tendered his resignation in March, but the news of his departure was only made known to Absa staff on Tuesday.

  • Read this report by Justin Brown in full at City Press

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