Investec to cut Aus jobs, warns on profits

Investec to cut Aus jobs, warns on profits

2013-09-17 13:18

Johannesburg - South African investment bank and asset manager Investec [JSE:INL] plans to cut 70 jobs from its Australian operation, its chief executive said on Tuesday.

Stephen Koseff made the statement at a briefing following the release of a trading update. It was not immediately clear what jobs would be cut.

In its trade update Investec said it expects first-half profit to decline by up to 10%, after a drop in both lending and assets under management.

The bank, also listed in London, said in a trading update it expects impairments for the six months to end-September to be 25 percent lower than the previous year.