Standard Bank to Cut 2,100 Jobs

London, 22 Oct-(ANA)- Africa’s largest bank, Standard Bank Group, is to cut as many as 2,100 jobs in London and Johannesburg in an effort to reduce expenses.

About 1,200 permanent roles in South Africa are likely to be made redundant, Group Chief Executive Officer Jacko Maree said. About 30 percent are general staff and the rest are managerial and executive roles. Also, about 600 contractors’ positions will be terminated, while in London, the bank proposes that 300 roles be made redundant, including those of both permanent and non-permanent employees.

Standard Bank wants to focus on emerging nations after expanding in Russia, Argentina, Nigeria and other African markets faster than local competitors. (ANA)

FA/ANA/22 October 2010--------