African Bank to Cut 1,200 Jobs and Close 90 Branches After R624 Million Loss
Updated
Updated · TimesLIVE · Jul 21
African Bank to Cut 1,200 Jobs and Close 90 Branches After R624 Million Loss
2 articles · Updated · TimesLIVE · Jul 21
Summary
African Bank told staff it plans to eliminate about 1,200 roles—nearly a third of its 4,000 employees—and shut 90 branches as it moves to cut costs.
A R624 million loss for the six months to March 2026 drove the overhaul, with costs exceeding risk-adjusted revenue, net income falling and the credit loss ratio worsening on higher impairments.
The bank said it is also targeting savings in IT, procurement and lease agreements, and is consulting finance union Sasbo on the proposed retrenchments.
The cuts follow a June shift to “operational consolidation” under interim CEO Zweli Manyathi after a rapid expansion through acquisitions left the group overextended and pushed its planned listing back from 2028 to 2030.
The retrenchment plan lands as South Africa faces stubbornly high unemployment and contrasts with roughly R150 billion in profits booked by the country’s major banks in 2025.