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Consultants and actuaries at Absa 'to lose jobs next week'

TRADE union Solidarity said Absa's plans to restructure gained new momentum this week when more employees received a letter informing them their jobs will be affected by the restructuring.

Several employees' services will be terminated as early as the end of March.

"Barclays' grip on Absa is getting tighter. Absa was instructed by Barclays to cut personnel expenses by 10%," said Dirk Hermann, deputy general secretary of Solidarity.

Absa CEO Maria Ramos last week denied that the bank was planning mass retrenchments. Solidarity said the latest letter about the restructuring was sent on March 19.

Employees who will be affected the most are IT analysts and retail workers. Solidarity said IT staff would be reduced from 1200 to 700. Several other business units were affected by the restructuring plans. The services of employees in the consultant and actuarial units would be terminated as soon as March 31, Solidarity said.

"Though Ramos denies that retrenchments will be carried out in one fell swoop, Absa's strategy is to restructure units one by one."

The union wants to know exactly how many jobs are under threat.

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