IT redundancies at Standard Bank too?

In our round-up of banking technology redundancies it seems we may have missed one firm which is trimming back its IT workforce - South Africa-based Standard Bank.

According to a source, around 10% of techies within the corporate and investment banking division in London have been laid off, including many project and programme managers and business analysts.

The total number of job cuts amounts to around 50-60, says the source, with the last consultation process taking place in February, following on from redundancies in December last year.

Standard Bank did not return calls for comment.

The bank appears to have spent freely on technology. Its most recent annual report shows IT costs increasing 28% year on year in 2008, due to maintenance costs, consultancy fees and software licences around expanding its core network.

It's also been investing in new IT infrastructure and systems, as well as getting rid of redundant technology.

Standard Bank's London office acts as a hub for its activities outside of Africa, and employs around 900 people.

None of the recruiters we spoke to had received an influx of applications from former Standard Bank employees. According to the source, some of the laid off IT workers are taking their case to a tribunal.

The total number of staff in the corporate and investment banking division of Standard Bank actually rose by 7% in 2008, to 9,347.

Insurer Norwich Union also announced plans for 1,100 redundancies in its UK operations yesterday, many of which are likely to affect IT.

Techies at UBS should also be biting their nails, following the appointment of Ulrich Koerner as chief operating officer. Consolidating the IT functions of the bank is one of the things on the agenda of the über-cost cutter.