Banking union Sasbo 'worried' about digitisation of industry

The union has encouraged employees who are facing retrenchments at several banks to consider using their severance packages and other payouts to fund start-ups.

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

JOHANNESBURG - Banking union Sasbo says that while it is worried about the future of the industry in light of digitisation, the change also brings about new opportunities for employees who face an uncertain future.

Last 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.

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

The union has encouraged employees who are facing retrenchments at several banks to consider using their severance packages and other payouts to fund start-ups.

Assistant general-secretary Eugene Ebersohn said: "But we’ve also been telling our members that these changes are coming in and the first thing a banking employee should do is be willing to change and then secondly, focus on skills. If you do a repetitive job, those are the types of jobs that will become dangerous to be in."

(Edited by Mihlali Ntsabo)