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Planned job cuts in banking sector motivated by greed, says Sasbo

Sasbo urged the financial institutions to reconsider retrenchments and threatened disruption of services next month.

Picture: EWN.

JOHANNESBURG - South Africa’s largest financial union, the SA Society of Bank Officials (Sasbo) on Tuesday said planned job cuts by banks were motivated by greed.

Sasbo urged the financial institutions to reconsider retrenchments and threatened disruption of services next month.

The union planned a two-day walkout by its members in a bid to put pressure on the sector.

Sasbo general secretary Joe Kokela said: “We believe that it’s corporate greed. What is happening in SA, especially in the banking sector, they are just trying to be proactive in the digital spaces, which is automation and the fourth industrial revolution. But, if you go to these banks and ask them what these entail, nobody can tell you.”