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BusinessLive reports that belt-tightening at JSE Limited, the company which operates the Johannesburg bourse, could lead to 14% of its staff being retrenched by the end of 2017.
The JSE plans to cut its overheads by R170m by 2019. JSE CEO Nicky Newton-King indicated on in a statement on Friday that, as part of this two-year cost-cutting programme, it was starting a consultation process in terms of section 189A of the Labour Relations Act which might lead to the retrenchment of about 60 of its full-time staff. Besides retrenching staff, the JSE intends to meet its R170m cost-cutting goal by reducing its information technology costs by at least R70m over two years.
- Read this report by Robert Laing in full at BusinessLive
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