ANZ SCRAPS OLD JOBS FOR NEW ONES

Article Abstract:

ANZ Grindlays Bank has decided to revamp its organization by scrapping all the existing jobs and creating new positions. The senior management of the bank will have to offer expressions of interest for the new positions, after which officials will be interviewed and placed afresh. This restructuring is to reorganize the bank's operations into three different lines to conform to its global business structure. The restructuring is being done after an audit exercise undertaken by KPMG on the bank's organization structure. The bank has decided to concentrate on personal and retail banking, investment and corporate banking and transactional services. (khr)

Comment:

Decides to revamp its organization by scrapping all existing jobs and creating new positions

Personnel administration, Article, ANZ Grindlays Bank

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CALL RATES BREACH 10.25% MARK

Article Abstract:

Call money rates in the interbank markets for overnight funds crossed the 10.25 mark on March 16, 1999. Call rates, which opened at 10.25 percent, increased to 11 percent within fifteen minutes of the transaction. The lending banks were found distributing funds as the call rates swayed higher. The high rates were attributed to drawal of limits by oil public sector units with public sector banks, open market operation sales by Reserve Bank of India and reluctance of banks to lend since they have to pay their advance tax during the fortnight. (um)(psr)

Financial management, Reserve Bank of India

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