Half Year 2019 Absa Group Ltd Earnings Call Transcript
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Good morning and thank you for joining us for Absa's interim results presentation. I will give you feedback on my first 5 months as acting Chief Executive, then Jason will cover our numbers for the half, and we'll answer your questions at the end.
What did I find when I looked under the hood of Absa as Chief Executive? To start with, we have the right strategy, which I fundamentally believe in. And as a standalone group, our new strategy was built bottom-up. We included 600 staff members in the process, who gave a clear message that bureaucracy was hurting us. They also asked for greater ambition and more focus on growth, which resonated with us all. Bureaucracy forced us to become internally focused and to operate in silos, and hence, we lost our focus on the customer. I, however, look at it not as a new strategy but reengineering the group. We have to remove the silos and reduce bureaucracy, we decentralized as a group and give management end-to-end accountability for their businesses, including for
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