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Atlas Mara to cut jobs, costs

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Banc ABC Zimbabwe parent company  ,Atlas Mara  ,said  it  plans  to cut staff  as part of  an $8mln cost cutting  drive following a difficult  first half of the year during  which net profits  slumped  71%. The group  which buys  banking  assets to  try  and benefit   from  the region’s  growth levels  is seeking  to  trim a cost  to income  ratio  that climbed to 102 % in the six months through June from 95% a year earlier  as expenses  accelerated  at a  faster  pace than revenue. Atlas Mara  chief executive  John Vitalo  said  the London stock exchange  listed financial services  firm executed a  group cost reduction programme to align  its cost  base with the current  revenue environment. – Dailynews

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