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Job cuts pay dividends for Standard Bank
Standard Bank's job cutting initiative - that saw 1700 people lose their jobs - contributed to it's earnings rise of 11% to R6,6 billion for the first six months of its financial year according to Business Report.
The bank's group chief executive Jacko Maree says that there had been a 22% decline in the cost of bad debts, which had fallen to R2,97 billion and operating expenses had also fallen by 2% for the same period.
Business Report says that Standard Bank is aiming to save US$75 million (about R537 million) in annualised operating cost cuts for its international operations.
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