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Report: Barclays Africa to cut management jobs at retail, business banking unit

Barclays Africa Group Ltd. could reduce top management roles at its South African retail and business banking unit to 12 from 27, Bloomberg News reported, citing a person familiar with the matter.

The lender has started consulting executives on the plan, which is part of efforts to flatten the company's management structure as it restructures divisions after Barclays PLC reduced its shareholding in the South Africa-based lender to 14.9%, according to the June 15 report.

The jobs will be advertised after the consultation, and the executives not selected will be considered for other opportunities within the company. The unit's CEO Arrie Rautenbach will not be laid off, according to the report.

Craig Bond, the CEO of partnerships, joint ventures and strategic alliances, has already stepped down to take early retirement, according to an internal memo seen by Bloomberg News.