Bloomberg reports that the Nedbank Group is in talks with about 1,500 employees over potential job cuts at the lender’s retail and business-banking division to cope with a struggling economy and increased competition.  

In an emailed response to questions on Friday, the bank gave a forecast that “between 50 and 100 employees are at risk of not being placed in a role,” adding that unplaced employees “will then be assisted by the bank to either secure available alternative positions within the bank, which is our first prize, or be equipped for opportunities outside the bank.”  Nedbank went on to indicated that it was being forced to reshape its operating models and businesses, but that in doing so it “actively makes use of natural attrition and a redeployment and reskilling pool.  Non-voluntary retrenchments are always the last option.”  The company, which employs 30 577 people, expects the consultation process to be concluded after the final meeting with the trade union Sasbo at the end of this month.  Nedbank has also been reducing the floor space used by its branches and increasing the use of automation so as to lower costs.

• Read the full original of Roxanne Henderson’s report on the above at Moneyweb

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