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Sasbo urges retrenched banking sector staff to consider funding start-ups

This week Standard Bank announced 1,200 jobs could be on the line as it begins to streamline its retail business with plans to close 91 branches across the country over the next few months.

Standard Bank offices in Johannesburg. Picture: EWN

JOHANNESBURG - Finance union Sasbo has encouraged employees who are facing retrenchments at several banks to consider using their severance packages and other payouts to fund start-ups in light of an uncertain future for the industry.

This week Standard Bank announced 1,200 jobs could be on the line as it begins to streamline its retail business with plans to close 91 branches across the country over the next few months.

The banking industry has been under pressure since the advent of digitalisation which has impacted negatively on employment trends.

Earlier this month, Absa entered into Section 189 negotiations with Sasbo with 827 jobs on the line.

Sasbo’s assistant general secretary Eugene Ebersohn said: “If people have got some of the money, how can they use it to maybe start their own business? Maybe five or six people can put their severance package payouts together and maybe buy a franchise.”

Last year, Standard Bank said it would shed over 500 jobs in its division.

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