Share

Live in Gauteng? Your local Standard Bank branch could be closed by July

accreditation

Half of the 91 branches that Standard Bank will close are in Gauteng, according to a union representative. 

In mid-March the bank announced it would be closing 91 branches and 1 200 jobs would be affected. Most of the branches would be closed in June, it said. 

This comes at the bank reconfigures its consumer offering as more of its clients use online platforms for banking.

At the time of the announcement, Standard Bank said it was consulting with employees and would provide comprehensive exit packages and funding for training so that staff leaving the company could be competitive in the labour market. 

Speaking to Fin24 by phone on Wednesday, Eugene Ebersohn, assistant general secretary of the South African Society of Bank Officials (Sasbo), a union which represents 80% of the affected workers, said that half of the 91 affected branches are in Gauteng.

He likened Standard Bank's announcement to a "big bomb".

Ebersohn said that some jobs would be lost through branch closures, other employees would be redeployed to branches where there are vacancies.

For now, employees can choose to take voluntary severance packages or early retirement. 

"The big thing is that it is their choice," he said.

'Retrenchment calculations' 

Ebersohn said he had spent the past week doing retrenchment package calculations for people who are still deciding what to do. He said that he sensed anger in the branch networks.

This process would continue until July. "There is still time for positions to open up and for people to be successfully redeployed in the bank."

Jobs in the bank's IT environment will be changing as skills required for Standard Bank's new digitisation strategy require different skills, he said.

Standard Bank, in response to a request for comment, said that to "protect the integrity of the process" and to "ensure issues are dealt in a dignified manner" no further details could be provided as the bank is still engaging with employees.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.0%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.42
+0.1%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
-0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders