Adjusting to the new normal :: Mmegi Online

In the last three years, a mixture of regulatory changes, macroeconomic development and a mismatch between deposits and credit growth rates saw the banking sector experience an unprecedented structural shift. As the transition in the banking sector comes to a full circle with industry players finally adjusting to the reality of the ‘new normal’ characterised by reduced profitability, tight liquidity and stiff competition, BusinessWeek’s BRIAN BENZA catches up with Barclays Managing Director, Reinette van der Merwe for a tête-à-tête that ranges from recent winds of change that swept through the industry as well as the bank’s turnaround that saw it become the only commercial bank to register a profit after tax growth in a challenging 2014

BusinessWeek: How did you manage to turnaround the bank’s fortunes in 2014?

van der Merwe: It was a combination of both teamwork and implementation of a strategy that was anchored around digitalisation, improving transactional volumes and customer service. But the staff pulled it all together; it was more of having the right people in the right places.

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