FNB to axe jobs and shutter branches: report
FirstRand is planning to close branches and cut jobs at First National Bank, according to a report by Bloomberg.
The news group reported that 600 jobs will be lost at the bank, while 500 other employees will be able to apply for other roles, according to finance labour union Sasbo.
The union reportedly announced that about 10% of the bank’s branches will be affected, with 40 closing and another 31 reducing staff.
Bloomberg reported that the process had already started in February, and was implemented to reduce duplication and improve efficiency as clients move towards digital banking.
FNB responded to the group’s queries saying that no full-service branches would be affected, and that the bank would be extending its network of ATMs.
The bank did not confirm the number of jobs that would affected.
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