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Nedbank expects South Africans to get poorer on average in 2019

6 August 2019 8:11 PM
Tags:
Nedbank
The Money Show
Economic growth
Bruce Whitfield
Mike Brown
Growth forecast
growth
gdp growh

Nedbank cut its growth forecast for 2019 from 1.3% to 0.5%. The Money Show’s Bruce Whitfield interviews its CEO, Mike Brown.

Our country is fast running out of both time and money… on average, South Africans are getting poorer…

Mike Brown, CEO - Nedbank Group

Nedbank cut its growth forecast for 2019 from 1.3% to 0.5%.

South Africa’s population is growing at around 1.6% each year, meaning that South Africans will, on average, get poorer if the economy fails to at least grow at that rate.

…infighting is dominating the national discourse and, as a consequence, we are seeing very little action on delivering structural reform…

Mike Brown, CEO - Nedbank Group

The Money Show’s Bruce Whitfield interviews Mike Brown, CEO at Nedbank Group.

Listen to the interview in the audio below (and scroll down for more quotes from it).

You run incredibly hard… and we’ve stayed in roughly the same place… in real terms, we are going backwards.

Mike Brown, CEO - Nedbank Group

We focus on the things we can control…

Mike Brown, CEO - Nedbank Group

…an absolute urgent need for structural reform… [and a] concrete turnaround plan [for Eskom] …

Mike Brown, CEO - Nedbank Group

It [Eskom] is definitely the most difficult Chief Executive job in South Africa…

Mike Brown, CEO - Nedbank Group

We are consulting with 1500 staff… Over the last 12 months, we’ve reduced the overall headcount by about 1000 people… It’s inevitable… there is going to be pressure on headcount…

Mike Brown, CEO - Nedbank Group

Competition is good… the foundation of capitalism… [we need to] ensure that the products and services we provide our clients are of such a standard that there is no reason for them to want to move to the other banks….

Mike Brown, CEO - Nedbank Group

…our main defence [against Capitec Bank and new banks such a TymeBank] is in our product set…

Mike Brown, CEO - Nedbank Group

Many of our challenges today are hangovers from how the economy was managed five or 10 years ago…

Mike Brown, CEO - Nedbank Group

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6 August 2019 8:11 PM
Tags:
Nedbank
The Money Show
Economic growth
Bruce Whitfield
Mike Brown
Growth forecast
growth
gdp growh

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