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FirstRand in talks with union for job cuts

South Africa’s FirstRand is negotiating with trade unions for some 600 job cuts at its retail banking unit. Sasbo, the union that represents workers in the banking industry, was continuing talks with the bank in an attempt to avoid job losses. A spokesperson for the union said it has managed to reduce the affected numbers to some 600. The consultation process continues in an attempt to further reduce the number of forced retrenchments, he said. FirstRand, which employs more nearly 40,000 people, reported a flat half-year profit last week as the effects of weak consumption and investment spending at home and the rest of Africa weighed.

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