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.“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.
The group’s headline earnings were below that of its competitor, Nedbank, which reported a 14.5 percent increase in its headline earnings earlier in the month. South Africa’s big banks have been forced to change their service delivery with the entrants of tech-savvy banks. TymeBank, SA’s first fully digital-driven bank, went live last month, while Discovery is expected to unleash its banking offering this year. Bank Zero, run by former FNB chief executive Michael Jordaan is also expected to launch later this year.
“At the same time, we expect the banks to be acutely focused on the continued evolution of their strategies in the context of heightened competition and the exciting digital journeys they are on – all of which focus on putting the customer at the heart of their business models,” Natsas said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Standard Bank to cut 1,200 jobs and close 91 branchesStandard Bank will cut around 1,200 jobs and close 91 branches as part of efforts to digitise its retail and business bank, it said on Thursday. 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. 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.
Source: TimesLIVE - 🏆 28. / 59 Read more »
Standard Bank to cut 1200 jobs, close 91 branches for digitisationCatch the live broadcast of the first series of SAfm Town Hall Election Debates today on the SABCNews website and the SABC Digital News YouTube channel from 12:00 – 14:00; and the radio broadcast on SAfm from 12:00 – 13:00. We can't listen to SABC radio stations here in CPT
Source: SABC News Online - 🏆 32. / 51 Read more »
Standard Bank to close 91 branches, thousands of jobs on the line | IOL Business ReportSouth Africa's Standard Bank today announced that about 1200 jobs will be on the line after it decided to close 91 of their branches. Competition and high bank charges won't help the situation either. I am a Standard Bank client of many years. I am so upset that branches are closing and jobs are being lost. I care more about people, families who will suffer despite your efforts to prepare them for other fields of employment. This is a deal breaker for me. The country is heading down the path of Venezuela, those that have the means should leave now, there is no hope for this Shithole, MYANC completely destroyed this country.
Source: IOL - 🏆 46. / 51 Read more »
Standard Bank to chop 1,200 jobsCommercial bank Standard Bank will cut around 1,200 jobs and close 91 branches as part of efforts to digitise its retail and business bank, it said on Thursday. South Africa’s commercial banks 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. hate it...robotic...impersonal...keeping up with the times...i prefer the time when there used to be portfolio manages and u meant something to the banks.,,,u were not simply a 'deposit or withdrawal' a bank account number. Currently unemployed, actively seeking and companies are chopping jobs? Wow
Source: SowetanLIVE - 🏆 13. / 63 Read more »