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Standard Bank denies retrenchments

Sep 27 2012 18:50 Sapa

Company Data

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 147.89
Change 1.34
% Change 0.01
Cumulative volume 1214378
Market cap 239.32bn

Last Updated: 24/07/2014 at 01:45. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Standard Bank Group [JSE:SBK] has denied planning to retrench hundreds of workers from its information technology division.

"Standard Bank has no immediate intention to retrench any of its IT employees, be they permanent or contract employees," spokesperson Ross Linstrom said on Thursday.

Trade union Solidarity earlier asked the bank in a news statement to "lay its cards on the table" regarding retrenchment rumours.

Spokesperson Johan Kruger said union members employed by the bank believed retrenchments were imminent.

"According to our members, several contractors' contracts will not be renewed and section 189 notices are being prepared for permanent employees."

Staff believed the bank would outsource a large portion of its IT services to India, he said.

Solidarity appealed to Standard Bank to be open from the outset if it was planning to retrench workers.

Linstrom said while there were no immediate plans to outsource IT operations, the bank might review this at a later stage.

"While Standard Bank takes its responsibility to develop and nurture IT skills seriously, the nature and structure of our IT departments will be reviewed as markets and competition changes.

"This we consider to be a prudent part of operating a business and remaining competitive."

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