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Finance Union saves close to 600 jobs at FNB

Over 1,000 employees had been placed on a list for possible forced retrenchment in February last year.

First National Bank (FNB) blamed a technical error for the double transactions. Picture: Supplied.
FNB,job cuts,FirstRand job cuts,finance union
Business Local

JOHANNESBURG – The Finance Union, formerly known as the South African Society of Bank Officials (Sasbo), says it’s managed to prevent about 600 job cuts at First National Bank (FNB).

Over 1,000 employees had been placed on a list for possible forced retrenchment in February last year.

It says after extensive consultation its managed to reach agreement with the bank, that 589 employees will be offered alternative positions.

FNB says it has to resort to job cuts given the number of customers migrating to digital banking spaces.

The union’s Vanessa Hattingh says although they have managed to fight for employees, some may still lose their jobs.

“Despite all the best efforts by both the employer and the union, that if we don’t have sufficient early retirements and voluntary exits, it is entirely possible that there will be some forced retrenchments.”

FNB online CEO Lee Anne van Zyl says they have taken advice from the union.

“It is important to know that more than 50 percent of our staff are unionised, and we work with one union because they have a collective agreement in place as they represent the majority of our staff.”

Finance Union says it hopes the process of moving employees to other positions will be complete by the end of June.

(Edited by Masechaba Sefularo)  

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