Standard Bank would cut up to 15 percent of its staff in London to save $100 million (R870m), as Africa’s biggest lender was scaling back operations outside of the continent, it said on Friday.
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 percent and 15 percent of… approximately 900 permanent roles,” the bank said.
“The process for com- municating the impact to our staff in other jurisdictions outside Africa will be completed next week.”
The bank has been drastically cutting back operations outside of Africa. It had previously aimed to become a top emerging markets bank, but it no longer has those ambitions. Its stock slid 2.71 percent to R108 on Friday. – Reuters