October 3, 2018 / 2:36 PM / 3 months ago

South Africa's Liberty begins consultations on possible job cuts

JOHANNESBURG, Oct 3 (Reuters) - South African Insurer Liberty Holdings is considering job cuts as part of a wider restructuring of its business, the company said on Wednesday.

Liberty began consultations on Sept. 27 about possible jobs cuts that would affect its South African business and expects to complete them this year.

“We are unable to provide details around job implications at this stage as we are currently engaged in a consultation process,” the lender said in an email.

Local online news website Moneyweb, said 800 jobs could be at risk, citing staff at the organisation.

The company, whose rivals local include Discovery and Sanlam, said last year it would slow its expansion and focus on higher margin products, as part of a process of implementing a turnaround strategy.

The insurer said the new strategy would allow resources to be directed into its competitive South African business.

Shares were up 0.42 percent at 1407 GMT to 111.17 rand ($7.76). ($1 = 14.3309 rand) (Reporting by Patricia Aruo; editing by David Evans)

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