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Nedbank to cut up to 100 roles at retail, business banking division

South Africa-based Nedbank Group Ltd. is in discussions with roughly 1,500 employees at its retail and business banking division over potential job cuts, Bloomberg News reported, citing an email issued by the bank.

The move, which will result in between 50 and 100 redundancies, comes amid a struggling economy and increased competition among South African banks, according to the report. It is expected to be completed following a final meeting with labor union Sasbo at July-end, Nedbank reportedly said.

Nedbank, which is increasing automation to cut costs, added that it will help accommodate unplaced employees to alternative positions within the group, or equip them for opportunities outside the bank, the newswire reported.