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.<\/p>\n
In a statement released on Thursday (14 March), the bank said that the vast majority of these branches will be closed by June 2019.<\/p>\n
“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.<\/p>\n
“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.<\/p>\n
“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.”<\/p>\n
The bank added that it had worked hard to minimise the impact of this re-organisation on its staff members<\/p>\n
“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.<\/p>\n
“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.<\/p>\n
“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.”<\/p>\n