Less than a month into 2020, South African companies have already announced thousands of job cuts. In a country where a third of the labour force is already unemployed, this will put even more strain on economic growth.
Browsing: Absa
The skills crisis in the cybersecurity field in South Africa is so severe that the major banks have reached a “gentleman’s agreement” not to poach each other’s staff for fear of exacerbating the situation.
South African banks are urging clients to use digital channels as the industry prepares for what could be its biggest strike since 1920.
South African manufacturing industry sentiment slid back into contraction in August, signalling the surprising recovery in July was unsustainable.
First National Bank and Capitec have tied for the title of South Africa’s best digital bank in research agency Columinate | Insight Consulting’s latest SITEisfaction survey.
The country’s big four traditional banks – Absa, FNB, Nedbank and Standard Bank – have together shut 695 branches since their respective peaks in the earlier part of this decade.
An exodus of CEOs during the economic downturn is becoming alarming, particularly as there are apparently so few ready replacements.
From free burgers and ride-hailing services to hip-hop concerts and discounted petrol: South African banks are going all out to win customers as competition hots up.
The decision by Standard Bank to close 91 branches and cut 1 200 jobs is not at all surprising – the only surprises were that the bank announced it publicly and that it did so before elections in May.
Absa Group has successfully migrated its banking platform, used by its subsidiaries, from the UK, where it was run by Barclays, to South Africa.