Absa is in the unwelcome glare of the market’s spotlight. The deputy CEO and three top directors, all members of the Executive Committee (ExCo), have left the bank almost simultaenously, making their departure seem more of a stampede than an orderly exit.

Louis von Zeuner, known as “Mr Absa”, announced this week he is stepping down as deputy chief executive after over 30 years at the bank. The 51-year-old had been a crucial mentor for Maria Ramos, who had no banking experience when she joined as Ceo in 2009 after a glittering career in the public sector. “It is a big blow because he was one of the best guys out there,” says Kokkie Kooyman of Sanlam Investment Management. “There is no crisis, but it’s a bit worrying when top people leave at the same time. I don’t know if it’s a coincidence or whether there is an unhappy ship.”

The three executives to resign are Alfie Naidoo, group chief operating officer since 2009 and an Absa veteran, Happy Ntshingila, chief marketing and communication officer since 2006, and Daphne Motsepe, CE of unsecured lending since 2010. Naidoo simply said he wanted to “pursue other interests”, Motsepe has decided to retire even if she is in her early fifties and Ntshingila is taking “an exciting position outside banking” as chief executive of broadcaster SuperSport. Naidoo, in particular, was regarded as a key person as he was managing a crucial R5bn IT infrastructure project to update the bank’s systems.

But perhaps the most remarkable thing is that Ramos is not planning to replace von Zeuner or two out of the three executives who have left.  Naidoo’s role will be incorporated into the portfolio of another executive, while Motsepe’s portfolio will be taken over by Bobby Malabie, head of the Retail and Business bank. Ntshingila will have a successor but in a less high-profile role, she said: “We will need a head of marketing, but it’s not going to be at the ExCo level. We can get the benefits of the consolidation that we have been doing over the last six months.”

Analysts point out the contrast between Absa’s revolving-door executive committee and the stability enjoyed by its competitors like Standard Bank, FirstRand, Nedbank and Investec, where the only few changes have been flagged well in advance as part of succession planning. People on Absa’s executive committee have been there on average three years, against an average tenure of 13 years at Standard Bank. The frequent shake-ups started after 2005, when Barclays took a controlling stake in Absa. Ceo Steve Booysen left in 2009 and was replaced by Ramos. Under her tenure seven senior executives have left the group. In June last year Gavin Opperman resigned as chief executive of Retail banking after his division was merged with Business banking and handed over to Malabie. He has also not been replaced, so the slimmed-down ExCo now has eight members instead of 13.

Last year Barclays started implementing its “One bank in Africa” strategy, integrating the two banks’ African operations to avoid duplication and moving its African HQ from Dubai to Johannesburg. According to one Absa source, the fact of the matter now is that “Barclays is calling the shots” and demanding cost cuts.

Despite a dip in the Absa share price following the news of von Zeuner’s resignation, things are going well. Full-year profits will be up to 22% higher, well above estimates, Absa said ahead of the results presentation next week. “We are in pretty good shape,” Ramos said.