Today's Labour News

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absalogo thumb100 Bloomberg reports that Barclays Africa Group may halve the number of top jobs at its South African retail and business bank as it reorganises after its British parent cut its stake.  

According to a source familiar with the matter, the Johannesburg-based lender has started talks to consult executives on a plan that might result in the reduction of top management posts in the unit to 12 from 27 to flatten the company’s management structure.  Once the consultation process has been completed, the jobs will be advertised and executives who are not selected for the posts will be considered for employment elsewhere in the company, the source indicated.  Arrie Rautenbach, the CEO of the retail and business bank, will apparently keep his job.  Barclays Africa is reverting to the Absa Group name and revamping its strategy after Barclays plc cut its controlling stake to below 15% to trim back its international operations.  CEO Maria Ramos is embarking on a second round of top management changes after announcing in April that she was refocusing the company around four main divisions — retail and business banking, corporate and investment banking, rest of Africa, and wealth management and insurance.

  • Read this report by Roxanne Henderson in full at BusinessLive

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