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Standard Bank to axe staff

Jun 18 2013 15:01 Reuters

Company Data

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 149.30
Change 0.3
% Change 0.00
Cumulative volume 1393627
Market cap 241.60bn

Last Updated: 29/07/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Africa's largest lender, Standard Bank [JSE:SBK] , said on Tuesday it would lay off 148 people in its information technology operations to reduce duplication of roles.

"Standard Bank has undertaken a thorough review of its IT operations, which has revealed areas of inefficiencies and duplication," said a spokesperson for the lender, which has 4 000 IT professionals.

The bank, which is 20% owned by Industrial and Commercial Bank of China, has been scaling back its staff mostly in international operations.

Last year it said it would cut around 900 jobs in corporate and investment banking in London.

Standard Bank's shares were the biggest gainers among South African banks on Tuesday, up 2.8% at 14:15, compared with a 2% rise by the banking index.

 

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