NewsSouthern AfricaBarclays Africa and Standard Bank drop Mckinsey amid SA scandal

Mon,20Nov2017

Posted on Monday, 30 October 2017 12:10

Barclays Africa and Standard Bank drop Mckinsey amid SA scandal

By Reuters

September 2010: Atul Gupta is seen outside magistrates courts in Johannesburg. The wealthy Gupta family has been criticized or allegedly improper links to president Jacob Zuma.Photo: AP/SIPABarclays Africa Group is ending its relationship with McKinsey, the bank said on Monday, two weeks after the global consultancy apologised for errors it made while working with state power utility Eskom last year.

 

"Barclays Africa Group has taken a decision to not contract any new work with McKinsey & Company and is going through a process of winding down existing work," the company said in an emailed response to questions.

Standard Bank also dropped services

Privately-held McKinsey, the world's largest management consultancy, said it regretted working at Eskom alongside a company owned by the Gupta family, wealthy friends of President Jacob Zuma accused of unduly influencing government contracts.

Standard Bank has also dropped the services of McKinsey, spokesman Ross Linstrom said on Monday.

"Standard Bank has elected to terminate McKinsey and Company's services and has notified it accordingly," Linstrom said in an emailed response to questions, without giving a reason.

 



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