85% of bank junior management is black
JOHANNESBURG – Junior management at South African banks was 85percent black, according to the Banking Association of South Africa’s 2019 Transformation in Banking Report.
“This is important, as it means there is a pipeline of young black talent and experience who will transform the management and executive ranks of the industry in coming years. Opportunities for advancement in the industry remain, despite a reduction in headcount in some operations,” it said.
The South African Reserve Bank had issued new banking licences, increasing competition and expanding the banking industry, it said. Although the industry had gone beyond what was required by the Financial Sector Code (FSC) and the Black Economic Empowerment Codes of Good Practice, the performance of the industry was uneven and it must “do better”.
Source: iol.co.za
