Today's Labour News

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standardbankMoneyweb reports that Standard Bank has announced the full list of branches that have been or will be closed, as part of the realignment of “its retail and business banking delivery model”.  

It will shut 104 branches, 13 more than the 91 it originally announced in March.  Nearly one in every five Standard Bank branches is being closed down.  The bulk of those being shut are in Gauteng (49).  Arguably, the hardest hit province is the Northern Cape, considering the vast distances between the affected small towns. Outlying areas in the Free State and Eastern Cape are similarly hit.  Once the branches are closed (likely affecting more than the 1,200 employees first announced, given the larger number of closures), the bank will have around 525 branches in SA, leaving it with smallest number of branches of the five large retail banks.  The cuts by Standard Bank weren’t random.  It knows precisely how many (primary bank) customers each of these branches was serving.  Layering this together with the cost of occupancy – primarily rental – and the staff overhead, it would have been easy for the bank to calculate which branches simply were not economically viable.  

  • Read this report by Hilton Tarrant, which includes the full list of closures, at Moneyweb


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