20°C / 22°C
  • Sun
  • 21°C
  • 9°C
  • Mon
  • 20°C
  • 6°C
  • Tue
  • 20°C
  • 7°C
  • Wed
  • 20°C
  • 8°C
  • Thu
  • 19°C
  • 6°C
  • Fri
  • 20°C
  • 8°C
  • Sun
  • 23°C
  • 14°C
  • Mon
  • 17°C
  • 13°C
  • Tue
  • 18°C
  • 11°C
  • Wed
  • 21°C
  • 9°C
  • Thu
  • 18°C
  • 10°C
  • Fri
  • 19°C
  • 10°C
  • Sun
  • 23°C
  • 9°C
  • Mon
  • 22°C
  • 8°C
  • Tue
  • 21°C
  • 9°C
  • Wed
  • 21°C
  • 8°C
  • Thu
  • 20°C
  • 8°C
  • Fri
  • 22°C
  • 9°C
  • Sun
  • 22°C
  • 5°C
  • Mon
  • 22°C
  • 5°C
  • Tue
  • 21°C
  • 6°C
  • Wed
  • 20°C
  • 6°C
  • Thu
  • 20°C
  • 4°C
  • Fri
  • 21°C
  • 6°C
  • Sun
  • 24°C
  • 16°C
  • Mon
  • 23°C
  • 15°C
  • Tue
  • 23°C
  • 17°C
  • Wed
  • 21°C
  • 15°C
  • Thu
  • 21°C
  • 14°C
  • Fri
  • 24°C
  • 13°C
  • Sun
  • 28°C
  • 19°C
  • Mon
  • 19°C
  • 15°C
  • Tue
  • 16°C
  • 12°C
  • Wed
  • 19°C
  • 11°C
  • Thu
  • 22°C
  • 13°C
  • Fri
  • 18°C
  • 11°C
  • Sun
  • 25°C
  • 14°C
  • Mon
  • 17°C
  • 12°C
  • Tue
  • 17°C
  • 12°C
  • Wed
  • 23°C
  • 10°C
  • Thu
  • 21°C
  • 10°C
  • Fri
  • 22°C
  • 8°C
  • Sun
  • 24°C
  • 14°C
  • Mon
  • 16°C
  • 12°C
  • Tue
  • 16°C
  • 12°C
  • Wed
  • 20°C
  • 11°C
  • Thu
  • 19°C
  • 13°C
  • Fri
  • 20°C
  • 12°C
  • Sun
  • 23°C
  • 9°C
  • Mon
  • 22°C
  • 8°C
  • Tue
  • 22°C
  • 8°C
  • Wed
  • 22°C
  • 8°C
  • Thu
  • 22°C
  • 9°C
  • Fri
  • 23°C
  • 8°C
  • Sun
  • 20°C
  • 5°C
  • Mon
  • 20°C
  • 6°C
  • Tue
  • 20°C
  • 7°C
  • Wed
  • 19°C
  • 5°C
  • Thu
  • 19°C
  • 4°C
  • Fri
  • 20°C
  • 6°C
  • Sun
  • 21°C
  • 8°C
  • Mon
  • 21°C
  • 7°C
  • Tue
  • 21°C
  • 8°C
  • Wed
  • 21°C
  • 8°C
  • Thu
  • 21°C
  • 9°C
  • Fri
  • 24°C
  • 7°C
  • Sun
  • 29°C
  • 17°C
  • Mon
  • 17°C
  • 12°C
  • Tue
  • 14°C
  • 11°C
  • Wed
  • 18°C
  • 8°C
  • Thu
  • 23°C
  • 13°C
  • Fri
  • 18°C
  • 11°C

Question marks over future of traditional banking after Standard Bank jobs bomb

Labour economist Andrew Levy says the impact of technology on banks and a change in the fundamental business structure has now led to jobs being lost.

FILE: A Standard Bank branch in Johannesburg. Picture: EWN

JOHANNESBURG - The future of traditional banking in South Africa is under the spotlight after Standard Bank announced that it is closing 91 branches.

The bank has confirmed that it will cut around 1,200 jobs as a part of efforts to digitise its retail and business bank.

South Africa is already battling an official unemployment rate of more than 27% and government is seeking to create jobs.

However, labour economist Andrew Levy says the impact of technology on banks and a change in the fundamental business structure has now led to jobs being lost.

“So the old bank as we know it with tellers behind counters and filling in forms, that’s gone.”

He also says South Africa’s economy is battling.

“We have two things happening at the same time, that’s why we’re having a job tsunami.”

Standard Bank says some employees may be incorporated in other areas of the business, but that a long road lies ahead regarding managers and affected bank employees.

(Edited by Shimoney Regter)

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