Business Report writes that labour unions have reacted negatively to news that Standard Bank plans to close down 91 branches across the country, which might result in 1,200 people losing their jobs.  

Eugene Ebersohn, assistant general secretary at Sasbo, said the finance union would not condone any action by the employer that could place any of its members at risk.  “What is happening in the bank right now is of serious concern given our country’s high unemployment rate.  Any job losses based on operational requirements will inadvertently suppress the sustainability and growth of our economy and this we cannot afford,” said Ebersohn.  According to the bank, a shift in customer behaviour meant its clients were using its branches less.  Sasbo advised that Standard Bank had conceded to its demands that retrenched staff be able to make use of training and upskilling opportunities provided by the bank in order to commence careers in the finance sector and outside and to encourage entrepreneurship and self-employment.  SA Federation of Trade Unions (Saftu) general secretary Zwelinzima Vavi said job losses in the banking sector were a race to the bottom.  “The fact that Standard Bank sees the digitizing of their branches to be in line with 4th Industrial Revolution is communicating a message to workers that Industrial Revolution is a threat not a programme to up-skill and empower workers,” Vavi commented.

• The original of this short report by Kabelo Khumalo is at Business Report
• Read too, Standard Bank to lay off 1,200 employees, on page 8 of Sowetan of 15 March 2019

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