Standard Bank to close 91 branches, thousands of jobs on the line
JOHANNESBURG - South Africa's Standard Bank today announced that about 1200 jobs will be on the line after it decided to close 91 of their branches.
According to a statement issued by Standard Bank, a total of 91 branches will be closed as the bank decided to opt for a digital banking offering for consumers.
The majority of the branches will be closed by June 2019, the statement read.
"These changes will impact approximately 1200 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 said.
Standard Bank said it will provide a comprehensive exit package for their employees.
"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," the statement concluded.
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