COSATU opposes African Bank retrenchment plans

African Bank has started formal consultations with union Sasbo over a restructuring that could cut 1,200 jobs and close 90 branches. The bank says costs are outpacing risk-adjusted revenue, and it has already looked at savings in IT, procurement and property. Interim CEO Zweli Manyathi says no final decisions have been made and the bank will work with the union through the Section 189A process. Elvis Presslin spoke to COSATU National Spokesperson, Zanele Sabela...