S.African court allows Standard Bank job cuts

JOHANNESBURG, Nov 12 (Reuters) - A South African court allowed Standard Bank to go ahead with a plan to cut about 4 percent of its South African work force, after a union sought to halt the process, the bank said on Friday. Africa's biggest bank by assets is shedding more than 2,000 jobs and slowing its expansion drive to cut costs in the face of a potential decline in revenue. "Standard Bank has welcomed the Labour Court ruling and believes that it vindicates the bank's actions relating to the retrenchment process," the bank said in a statement. The bank plans to cut 1,145 permanent positions in South Africa, or about 4 percent of its local workforce, and 600 non-permanent positions. In London it will cut 13 percent of its workforce, or 160 permanent positions, and an additional 110 contractors. Sasbo, South Africa's the union of financial services workers, filed papers with the Labour Court this week to obtain an interdict against Standard Bank to stop the cuts. The union represents over 15,000 employees at Standard Bank. (Reporting by Tiisetso Motsoeneng; Editing by David Dolan) Keywords: STANDARDBANK/ (tiisetso.motsoeneng@thomsonreuters.com; +27 11 775 3122 Reuters Messaging: tiisetso.motsoeneng.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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