Investec sees lower H1 earnings

The SA investment bank and asset manager also plans to cut 70 jobs from its Australian operation.

The SA investment bank and asset manager also plans to cut 70 jobs from its Australian operation. Picture: Supplied

JOHANNESBURG - South African investment bank and asset manager Investec said on Tuesday it expects first-half profit to decline by up to 10 percent, after a drop in both lending and assets under management.

The bank, also listed in London, said in a trading update it expects impairments for the six months to end-September to be 25 percent lower than the previous year.

Meanwhile, Investec plans to cut 70 jobs from its Australian operation, its chief executive Stephen Koseff said on Tuesday.

It was not immediately clear what jobs would be cut.