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Johannesburg - Standard Bank Group [JSE:SBK], Africa's largest bank by assets, confirmed on Friday it will cut 1 305 permanent jobs and 710 contractors in Johannesburg and London, to reduce costs as it faces declining revenue.
The bank will cut a total of 1 145 permanent and 600 contractors in Johannesburg and 160 permanent and 110 contractors in London, the company said.
Standard Bank, which is 20% owned by Industrial and Commercial Bank of China, also said it would freeze recruitment of new staff.
It would slow down the roll-out of new branches across Africa as it faces higher costs of longer-term funding.
"As a responsible management team you have to do something ... we have taken the knife out everywhere," chief executive Jacko Maree told a news conference.
Standard Bank also said demand for credit remained weak.
The bank will cut a total of 1 145 permanent and 600 contractors in Johannesburg and 160 permanent and 110 contractors in London, the company said.
Standard Bank, which is 20% owned by Industrial and Commercial Bank of China, also said it would freeze recruitment of new staff.
It would slow down the roll-out of new branches across Africa as it faces higher costs of longer-term funding.
"As a responsible management team you have to do something ... we have taken the knife out everywhere," chief executive Jacko Maree told a news conference.
Standard Bank also said demand for credit remained weak.
