Standard Bank to cut 1,200 jobs and close 91 branches

South African lenders, like others around the world, have been shuttering branches and trimming their headcount in an attempt to cut costs and adapt to customers’ growing preference to bank online or on their mobile phones.

"This has not been an easy decision to make," the bank, the country's largest by assets, said in a statement, adding it would implement a"comprehensive exit package" that goes beyond the legal requirements. Job cuts are sensitive in SA, where unemployment stands at 27%, and As well as sprawling branch and IT networks and large workforces — exceeding 50,000 at Standard Bank — South African lenders are grappling with a stagnant economy, where consumers have reined in borrowing amid high debt levels and other strains on their income.

Last week, Standard Bank said it grew its full-year earnings at less than half the pace it saw in 2017. The majority of the branches due to close will shut by June, Standard Bank said, adding new job opportunities would become available in the bank, meaning the total number of employees that lose their jobs could be lower.

It seems the easiest way out for most of these cooperations is to just fire people and close branches. The same people that have worked hard to increase shareholders profits. These companies should submit reports showing every avenue explored before just firing people.

With the the 4th industrial revolution upon us things are going to get worse. _cosatu Zwelinzima1 you will have to think of novel ways to protect the workers as well as to prepare them for the inevitable.

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