Standard Bank Slows Africa Expansion, Cut Jobs

Monday, November 01, 2010

Standard Bank, Africa's biggest bank by assets, will slacken its Africa expansion drive as part of plans to hold down costs after confirming it would slash more than 2, 000 jobs.

Standard Bank, 20 percent owned by Industrial and Commercial Bank of China, said on Friday last week it would slow down the roll out of the number of new branches across the continent.

The bank, which is looking to position itself as a full-service gateway to fast-growing Africa, will cut 2, 015 jobs in South Africa and London to ease pressure on revenue.

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Standard Bank Slows Africa Expansion, Cut Jobs

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