African Bank looks at cutting 1 200 jobs and 90 branches
African Bank looks at other cost-saving measures The lender assured its employees that it will continue to explore all cost-saving avenues to minimise the impact on people; however, it has reached a point where they “have no other option but to review staff costs”.
There is still money to meet obligations The lender also reassured customers and investors that it remains capitalised above minimum regulatory requirements, with adequate liquidity to meet its obligations “The potential impact on all African Bank staff will be managed through a structured process and supported by our wellness partner.
African Bank’s strategy In a statement, African Bank said it does not take the action to retrench employees lightly, but it is a “direct result of our current business realities”.
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