Barclays Africa Group has largely completed the
restructuring of its South African retail and business banking unit’s
executive team and filled most of the newly created positions.
Staff members were notified of the appointments in an internal
memorandum seen by Bloomberg News and confirmed by Barclays Africa
spokesperson Songezo Zibi. The lender, to be renamed Absa Group on July
11, had spent about two weeks consulting leaders about the changes,
which has seen
the division’s management more than halved.
Absa will now field applications from the rest of the organisation to
fill four vacancies that remain in the new top structure, according to
the memo. The division’s CEO, Arrie Rautenbach, was not affected by the
changes, while deputy chief, Bongiwe Gangeni, was also made head of
relationship banking.
This is the first round of management cuts after CEO Maria Ramos
reshuffled the lender around four divisions in April: retail and
business banking; corporate and investment banking; rest of Africa; and
wealth management and insurance. Absa is pushing to regain market share
in SA and double revenue from its operations on the rest of the
continent after London-based Barclays Plc reduced its stake.
The retail and business bank’s new, flatter structure eliminated as
many as four layers of managers, a person familiar with the matter said
earlier this month. The changes look to foster closer relationships
between the bank and its customers, as well as among employees,
according to the memo. According to Absa the model also gives each
executive and their team "full accountability for delivering on their
part of our strategy".
Bloomberg
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