November 14, 2018 / 1:12 PM / 6 months ago

South Africa's Standard Bank to lay off more than 500 workers

JOHANNESBURG (Reuters) - South Africa’s Standard Bank aims to cut 526 information technology (IT) jobs as part of plans to restructure its IT division, the lender said on Wednesday.

Africa’s largest bank by assets, which has more than 54,000 employees in Africa, said not all the workers affected by the restructuring might be retrenched, as it was engaging in talks with their union on exactly how many would be laid off.

The new structure will remove traditional IT positions but will create more than 180 new positions in that department, in areas such as cloud engineering, data science and analytics, cyber security, among other positions.

“Of the impacted permanent staff, the majority are in the executive and managerial bands,” the bank said in a statement.

In the first six-months to the end of June, the bank reported a 5 percent increase in headline earnings per share of 794 cents versus 756 cents a year earlier.

($1 = 14.3575 rand)

Reporting by Nqobile Dludla; Editing by James Macharia

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