Standard Bank shares rise after job cuts announcement

Shares of Standard Bank opened more than 1 percent higher on Wednesday after Africa’s largest bank by assets said it was likely to cut jobs.

The group said late on Tuesday that it looks to cut costs due to lower revenue and will likely reduce staff in “head office environments”.

Shares in Standard Bank were 1.06 percent higher at 110.85 rand by 0702 GMT, outpacing a 0.36 percent firmer Johannesburg’s Top-40 index.

Standard Bank, which is 20 percent owned by Industrial and Commercial Bank of China, is looking to position itself as a full-service gateway to Africa.
Source: Reuters