1 200 jobs affected as Standard Bank closes 91 branches
Approximately 1 200 jobs at Standard Bank [JSE: SBK] will be impacted as the financial services provider embarks on a new banking delivery model.
According to a statement issued by Standard Bank on Thursday afternoon, a total of 91 branches will be closed as the bank opts for a digital banking offering for consumers. The vast majority of these 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 will provide a "comprehensive exit package" for 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," Standard Bank said.
"This has not been an easy decision to make. We recognise that this is a very stressful time for everyone."
The bank has started briefing sessions with employees, which will continue across the provinces in coming weeks.