African Bank warns it may cut 1,200 jobs and close 90 branches

African Bank warned that it may cut up to 1,200 jobs, more than a quarter of its workforce, and close 90 branches. The South African bank issued the warning as part of a strategic review to reduce costs and adapt to changing banking landscape. The job cuts would mainly affect back-office and management functions. Management stated that these measures are necessary to ensure the bank's long-term viability.