Today's Labour News

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InvestecBL Premium reports that Investec became the first local banking group to propose job cuts after announcing on Tuesday it would be shedding 210 jobs in its UK banking operation as part of efforts to streamline and simplify the group.  

The specialist banking and wealth and investment group said no job reductions were planned in SA or in the wealth and investment division in the UK.  Investec’s decision was not sudden.  The incoming leadership which succeeded the company’s founders in October 2018 indicated that they wanted to simplify the business.  Apparently, the Covid-19 pandemic and the associated global lockdown accelerated the need to manage and control costs and brought forward the initiation of the new strategy.  Investec’s specialist UK bank employs 1,848 people, with the proposed reductions representing about 11% of headcount.  Globally, the group employs 8,730 people.  Thus far, SA’s largest banks have not considered job cuts even though the recent earnings season saw sharply lower profitability as the industry set aside billions of rand to prepare for a wave of loan defaults from consumers battling jobs losses.

  • Read the full original of the report in the above regard by Warren Thompson at BusinessLive (paywall access only)


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