Today's Labour News

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AbsaBusiness Report writes that the Absa Group is restructuring its SA retail and business banking unit within months of reducing the division’s management team and rolling out a new strategy.  

Finance labour union Sasbo was notified to begin consulting staff last week on the potential impact of the move, the union’s representative Philip Landman advised on Wednesday.  About 15 retail-banking executives exited their positions at the Johannesburg-based lender in June, after a similar process was followed to flatten the unit’s top structure.  Discussions between Sasbo, Absa and employees are still in their early stages, with 827 jobs potentially at risk, although 340 people might be employed through the process.  “At this point, we are trying to figure out if what the bank is saying has merit, and prove that the restructuring is actually unnecessary,” Landman stated.  Absa commented:  “It is only once the realignment is complete that the total number of people who have either been appointed to new roles or have left the organisation will be known with certainty.”

  • Read the full original of Roxanne Henderson’s report on this story at Business Report

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