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Financials

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

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