Today's Labour News

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absalogo thumb100 Bloomberg reports that Barclays Africa has largely completed the restructuring of its SA retail and business banking unit’s executive team and has filled most of the newly created positions.  

The lender, which is to be renamed Absa on 11 July, spent about two weeks consulting leaders about the changes and staff members have been notified of the appointments in an internal memorandum.  The division’s leadership team has been more than halved, while the new flatter structure apparently eliminated as many as four layers of managers.  Absa will now field applications from the rest of the organisation to fill four vacancies that remain in the new top structure.  The division’s CEO, Arrie Rautenbach, was not impacted by the changes, while deputy chief, Bongiwe Gangeni, was also made head of relationship banking.  The changes apparently seek to foster closer relationships between the bank and its customers, as well as among employees.  This is the first round of management cuts after CEO Maria Ramos in April reshuffled the lender around four 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 Moneyweb


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