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.
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