City Press reports that African Bank has reduced its staff complement by 636 full-time employees through a restructuring programme that commenced in May.  

The reduction was made up of 515 applications approved under a voluntary agreements offer, while normal staff turnover resulted in a further 121 positions being left open in a four-month period.  African Bank had a staff complement of 4,075, which has now been reduced to about 3,400.  The bank expects to save about R50 million a year as a result of the job cuts.  A once-off cost of about R60 million to settle the voluntary packages would be incurred.

• Read this report by Justin Brown in full at City Press
• See too, African Bank concludes voluntary severance and retirement packages process, at Business Report

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