20°C / 22°C
  • Mon
  • 29°C
  • 15°C
  • Tue
  • 28°C
  • 14°C
  • Wed
  • 29°C
  • 12°C
  • Thu
  • 30°C
  • 12°C
  • Fri
  • 32°C
  • 13°C
  • Sat
  • 32°C
  • 15°C
  • Mon
  • 20°C
  • 12°C
  • Tue
  • 23°C
  • 13°C
  • Wed
  • 24°C
  • 14°C
  • Thu
  • 21°C
  • 16°C
  • Fri
  • 23°C
  • 16°C
  • Sat
  • 22°C
  • 15°C
  • Mon
  • 31°C
  • 16°C
  • Tue
  • 32°C
  • 15°C
  • Wed
  • 29°C
  • 14°C
  • Thu
  • 31°C
  • 13°C
  • Fri
  • 32°C
  • 14°C
  • Sat
  • 34°C
  • 16°C
  • Mon
  • 31°C
  • 16°C
  • Tue
  • 29°C
  • 15°C
  • Wed
  • 30°C
  • 13°C
  • Thu
  • 32°C
  • 14°C
  • Fri
  • 34°C
  • 16°C
  • Sat
  • 34°C
  • 16°C
  • Mon
  • 24°C
  • 17°C
  • Tue
  • 23°C
  • 19°C
  • Wed
  • 25°C
  • 18°C
  • Thu
  • 27°C
  • 17°C
  • Fri
  • 27°C
  • 18°C
  • Sat
  • 25°C
  • 19°C
  • Mon
  • 22°C
  • 13°C
  • Tue
  • 20°C
  • 14°C
  • Wed
  • 22°C
  • 13°C
  • Thu
  • 24°C
  • 13°C
  • Fri
  • 21°C
  • 17°C
  • Sat
  • 21°C
  • 18°C
  • Mon
  • 22°C
  • 13°C
  • Tue
  • 27°C
  • 12°C
  • Wed
  • 33°C
  • 14°C
  • Thu
  • 29°C
  • 18°C
  • Fri
  • 26°C
  • 14°C
  • Sat
  • 31°C
  • 12°C
  • Mon
  • 19°C
  • 15°C
  • Tue
  • 21°C
  • 14°C
  • Wed
  • 26°C
  • 15°C
  • Thu
  • 25°C
  • 18°C
  • Fri
  • 20°C
  • 15°C
  • Sat
  • 23°C
  • 14°C
  • Mon
  • 33°C
  • 19°C
  • Tue
  • 31°C
  • 17°C
  • Wed
  • 30°C
  • 17°C
  • Thu
  • 32°C
  • 15°C
  • Fri
  • 34°C
  • 17°C
  • Sat
  • 35°C
  • 17°C
  • Mon
  • 33°C
  • 13°C
  • Tue
  • 30°C
  • 17°C
  • Wed
  • 32°C
  • 14°C
  • Thu
  • 33°C
  • 15°C
  • Fri
  • 33°C
  • 16°C
  • Sat
  • 33°C
  • 16°C
  • Mon
  • 27°C
  • 15°C
  • Tue
  • 28°C
  • 15°C
  • Wed
  • 26°C
  • 13°C
  • Thu
  • 29°C
  • 10°C
  • Fri
  • 32°C
  • 10°C
  • Sat
  • 33°C
  • 13°C
  • Mon
  • 25°C
  • 13°C
  • Tue
  • 22°C
  • 14°C
  • Wed
  • 25°C
  • 13°C
  • Thu
  • 25°C
  • 15°C
  • Fri
  • 24°C
  • 16°C
  • Sat
  • 20°C
  • 15°C

Standard Bank to cut around 1,200 jobs, close 91 branches in SA

Job cuts are sensitive in SA, where unemployment stands at 27%, and the bank’s announcement comes on the back of plans to cut 526 jobs announced in November.

Standard Bank offices in Johannesburg. Picture: EWN

Standard Bank will cut around 1,200 jobs and close 91 branches as part of efforts to digitise its retail and business bank, it said on Thursday.

South Africa’s leaders, like others around the world, have been shuttering branches and trimming their headcount in an attempt to cut costs and adapt to customers’ growing preference to bank online or on their mobile phones.

“This has not been an easy decision to make,” the bank, South Africa’s largest by assets, said in a statement, adding it would implement a “comprehensive exit package” that goes beyond the legal requirements.

Job cuts are sensitive in South Africa, where unemployment stands at 27%, and Standard Bank’s announcement comes on the back of plans to cut 526 jobs announced in November.

South African finance trade union, SASBO, did not immediately respond to requests for comment.

As well as sprawling branch and IT networks and large workforces - exceeding 50,000 at Standard Bank - South African lenders are grappling with a stagnant economy, where consumers have reined in borrowing amid high debt levels and other strains on their income.

Last week, Standard Bank said it grew its full-year earnings at less than half the pace it saw in 2017.

The majority of the branches due to close will shut by June, Standard Bank said, adding new job opportunities would become available in the bank, meaning the total number of employees that lose their jobs could be lower.a

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus