African Bank may lay off 34% of staff on virus hit

Oct 27 (Reuters) - Small South African lender African Bank Ltd said on Tuesday it had commenced a consultation process with trade union Sasbo, which might affect 34% of its total employees, as the coronavirus crisis hits business volumes.

It is anticipated that 1,269 of the total 3,728 employees would be affected by the move, the bank said.

"COVID-19 pandemic.... has had a significant negative effect on the Bank. Consequently, this has led to excess staffing capacity and has required the Bank to evaluate its current resource requirements," it added.

(Reporting by Shanima A in Bengaluru; Editing by Rashmi Aich)

((; Direct: +91 7760347399;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.