March 7, 2019 / 9:34 AM / 8 months ago

South African bank Absa could cut hundreds of jobs, union says

JOHANNESBURG, March 7 (Reuters) - South African bank Absa could cut hundreds of jobs at its retail and business banking unit as part of a planned restructuring, a union representing workers in the financial sector said on Thursday.

Absa issued a notice to the Sasbo union last week, saying that the jobs of 827 employees could be affected by the restructuring, Sasbo’s assistant general secretary Philip Landman said.

The bank, which has almost 30,000 employees in total according to the notice it sent to Sasbo, said in a statement its restructuring would involve both redundancies and new opportunities across its business.

“It is only once the realignment is complete that the total number of people who have either been appointed to new roles or have left the organization will be known with certainty,” it said in the statement.

Sasbo is holding talks with Absa to try to limit job losses and is testing the business rationale for the restructuring, Landman said.

“This is extremely serious. This is not just an exercise which will culminate in nothing,” he told Reuters.

Reporting by Alexander Winning; editing by Emelia Sithole-Matarise

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