JOHANNESBURG – Standard Bank, Africa’s largest bank by assets, yesterday said that more than 1 000 jobs were on the line as the group contemplates closing down nearly 100 branches across the country.
The bank said the shift in customer behaviour means that its clients are using its branches less.
Standard Bank spokesperson Ross Linstrom said the group had re-looked at its retail and business banking delivery model to meet its customers' needs.
“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,” Linstrom said.
“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.”