Retrenchments are looming in the home loan departments of two of the four major banks, according to Business Report on Thursday.
Chief executive of First National Bank (FNB) Home Loans Jan Kleynhans confirmed that the bank was restructuring its sales department.
"At the moment we have just taken the first steps by advising [about] 90 people who may be affected. FNB Home Loans has nearly 1 000 employees.
11 August 2011
Banks Downscaling Home Loan Departments
Banks brace for home loan sales staff retrenchments
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The looming cuts follow the slump in the residential property market, which resulted in a contraction in the number and value of home loans approved and granted.
This was highlighted last week by director of home loans at Standard Bank Funeka Ntombela who said the market was worth R350-billion in 2006/07 but "if we are lucky" would be worth R120-billion this year.
FNB in July confirmed its monthly volume of home loan applications had fallen to 10 000 from between 30 000 and 35 000 at the peak of the property boom in 2006.
One can definitely see the new paradigm in the property business and the media. Reality has finally set in. The management of perspective economics has failed.
Gold is doing what it does best; a hedge against the mismanagement of the state and currencies.
"All things come to him who waits - provided he knows what he is waiting for." - Woodrow T. Wilson
I know an oke who sells ladies leg cream to high end salons and he told me that business is booming. There are no job cuts in the leg cream business in the foreseeable future.
I've decided to build in these funny times, as I tested the waters by putting my house on the market AND then got a very good price for it.
I was expecting the absolute worse: terrible rate, not getting the amount I applied for, and all sorts of other difficulties. However, I was amazed that, within a week of applying for a building loan, I got an exceptional rate and MORE than I asked for.
This to me is proof that banks are NOT difficult with loans when it comes to people who's houses are in order. The problem seems to be that too many people are living way beyond there means.
I know an oke who sells ladies leg cream to high end salons making R 100k per month and HE says
"Asserting that US treasuries are risky deters ordinary people from seeking the relative safety they offer, even while the insiders take full advantage of it. Similarly, warning people away from US dollars while telling them to hold their nerve in the markets, benefits only those insiders who seek to keep the bubble inflated for long enough to extract their own wealth from a collapsing system."
He makes over R 100k per month so he should know, right?
Right?
Carry on, bitches ...
He makes over R 100k per month so he should know, right?
....Wrong!
Many people earn much more selling drugs....that does not mean they are knowledgable on finance. He certainly seems to have strange friends too.
Dear Anonymous
This okeI know who sells ladies leg cream to high end salons and is making R 100k per month - well, HE says you don't know what you're talking about
FURTHERMORE, he says gold is about to crash AND next week will be a dark, dark, DARK period on world stock markets AND he says WHEN this happens he expects a new level of respect from you and your ilk!
Thanks for listening
Funny that, second Anon. I wasnt aware that Ilargi sold leg cream, of whatever end, or even lived in South Africa.
Good to see someone reading Zerohedge.
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