Fin24

Standard Bank to cut London jobs

2012-11-11 18:55

Johannesburg - Standard Bank [JSE:SBK] said on Friday it would cut up to 15% of its staff in London to save $100m, as Africa's biggest lender scales back operations outside the continent.

The cuts would come in its corporate and investment banking operations internationally, it said.

"At this stage, in London we envisage that this will potentially eliminate between 10% and 15% of... approximately 900 permanent roles," the bank said.

"The process for communicating the impact to our staff in other jurisdictions outside Africa will be completed next week."

The bank has been drastically cutting back its operations outside of Africa.

It had previously aimed to become a top emerging markets bank, but has said it has no longer those ambitions.

Comments
  • Eterni80 - 2012-11-11 19:22

    15% = $100 million ?? holy crap.

  • john.dough.5836711 - 2012-11-11 21:22

    Should we use the larger percentage it works out to 135 people earning $740 000 each per year, I won’t even convert that into Rands. To put this into perspective one needs to remember that the President of the US only earns $400 000 a year, admittedly he has a few more benefits.

  • shabene.jeffreymalungane - 2012-11-12 01:52

    poor service,lazy staff,out of 7 tellers u find only three opened.first national bank very good

  • kevin.shine.1232 - 2012-11-12 08:10

    LOL. They have to scale back because everyone is leaving to go to FNB!!! FNB FOR THE WIN!!!!!!

  • Montagnes.Bleues - 2012-11-12 09:28

    I think I need close more Standard Bank accounts! This equated rate of pay has been daylight robbery - almost as much as the SA presidents has been.

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