No mass retrenchment being undertaken

2012-03-28

Absa confirms that there is no mass retrenchment being undertaken within the company. We continuously take feedback from our customers so that we can offer them first-class service. To achieve this, Absa needs to be organised to support the needs of clients.

Absa has and will continue to evolve its systems and processes which sometimes leads to very limited job losses. Where possible we will do this through natural attrition as evidenced by the reduction of 3580 roles last year with retrenchments limited to 145. There is no plan to retrench 3000 colleagues as widely reported.

Sasbo as our officially recognised union has been extensively consulted. We have followed the agreed principles and processes which are in line with labour relations best practice and regulations.

Statement issued by Absa, March 28 2012

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