Barclays Africa Group is reportedly planning to reduce the headcount of its banking executives by as much as half at its South African retail and business bank.
The job cut is part of the Barclays Africa’s restructuring strategy after its British parent Barclays Plc cut its controlling stake to below 15% to trim down its global operations, a source familiar with the matter was quoted as saying by Bloomberg.
The cut plan was revealed a month after the deputy CEO David Hodnett who in May 2017 was given reins of the retail bank, stepped down before completing a two-month sabbatical.
A source told the publication that discussions with the executives on job cut have started, which may lead to the decrease of senior management roles in the unit to 12 from 27.
The Johannesburg-based bank is expected to offer suitable jobs to the affected employees elsewhere in the company.
Additionally, Barclays Africa is re-adopting the Absa Group name and overhauling its strategy.
Barclays Africa reportedly said that the South African retail and business banking division is the first to begin a process of overhauling its structure to re-establish its market leadership and to create agile businesses.