Standard Bank has announced that it plans to cut around 1,200 jobs and close 91 branches as part of efforts to digitise its retail and business bank.
In a statement released on Thursday (14 March), the bank said that the vast majority of these branches will be closed by June 2019.
“As part of the implementation of the new banking delivery model, some of the roles currently being performed in our branches will change,” it said.
“A decision has also been taken to close 91 branches, with the vast majority of these closing by June 2019. These changes will impact approximately 1,200 jobs.
“However the actual number of employees who will ultimately exit the employ of Standard Bank SA could be lower, as new opportunities will become available in the new operating model.”
The bank added that it had worked hard to minimise the impact of this re-organisation on its staff members
“As part of a support programme agreed with SASBO, Standard Bank SA will implement a comprehensive exit package which significantly exceeds the requirements as set out in the Labour Relations Act,”it said.
“We have also set aside funds to assist employees acquire new skills to improve their competitiveness in the labour market, as well as entrepreneurial training and financial assistance.
“This has not been an easy decision to make. We recognise that this is a very stressful time for everyone. Briefing sessions kicked off early this week, and our leaders will continue to engage colleagues across the provinces over the next few weeks.”