Today's Labour News

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DeutscheBankBusinessLive reports that German investment bank Deutsche Bank could become the latest bank to add to SA’s unemployment woes with plans to lay off employees.  

Absa and Standard Bank have also announced their intention to retrench staff, while retrenchment processes are underway at a number of companies in other sectors, including MultiChoice and ArcelorMittal.  Deutsche Bank indicated on Thursday that it had already begun retrenchment processes globally, but it has yet to confirm how many jobs will eventually be cut at its SA branch in Sandton.  “Regarding job cuts, it is too early to comment on specific details, and we are not breaking down regional numbers with regard to the number of roles impacted by the closure of the equities sales and trading business,” said the bank’s spokesperson for the Europe, Middle East and Africa region, Stuart Haslam.  On Sunday, the bank issued a statement announcing a series of restructuring initiatives to help it reduce costs as it grapples with dwindling revenue.  The bank said it wanted to focus on and invest in its core businesses, which included corporate banking, foreign exchange, asset management and private banking.  Haslam said the bank remained committed to its global operations, including those in SA.

  • Read the full original of Londiwe Buthelezi’s report on the above story at BusinessLive

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