Customer behaviour triggered Standard Bank move to close 91 branches | IOL Business Report

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Customer behaviour triggered Standard Bank move to close 91 branches busrep

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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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.
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