Financial services company Absa has noted that its headcount declined by 1,200 in the first nine months of the year, as it continues to deal with the economic fallout from the Covid-19 pandemic. The lender said in a trading update on Thursday (19 November), that it's unlikely to pay an ordinary dividend this year in an effort to conserve cash, Bloomberg reported. It's withholding payouts despite having strong buffers and forecasting "improved second-half capital generation." Absa said that it expects headline earnings per share to decline by more than 40% for the year ending December 2020. "The number refers to permanent and temporary Absa employees," the group said in an emailed statement. "Much of the reduction stemmed from natural attrition as Absa instituted a hiring freeze in light of Covid-19. The continuing global and local progression towards digital banking has contributed to the reduction. "The reduction relates to Absa operations across the African countries in which we have a presence," it said.