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africanbankCity Press reports that according to a source, African Bank has issued notices to its staff related to a restructuring plan that will see as many as 652 staff members retrenched.  

This would see about a sixth of bank’s staff complement of 4,075 shed amid a high unemployment rate.  Myan Soobramoney of Cosatu affiliate Sasbo confirmed that the union had received a restructuring notice in terms of the Labour Relations Act from African Bank, in which it indicated that 652 people could lose their jobs.  He said that African Bank looked like it would institute forced retrenchments, but Sasbo was fundamentally opposed to that and would not agree to them.  The matter is now with the Commission for Conciliation, Mediation and Arbitration (CCMA) for facilitation and the first consultation date has been set for 30 May.  The bank commented that, following the conclusion of the initial consultation process, which might take days or weeks, African Bank would be in a position to release further information.

  • Read this report by Fin24

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