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The Sunday Independent more job losses in the banking sector are on the cards after Standard Bank last week said it would not rule out further branch closures as more of its customers bank through digital platforms.
The bank’s chief executive for personal and business banking, Funeka Montjane, said Standard Bank had seen a double digit decline in transactions in the last five years while digital transactions showed a double digit upscale in usage. Montjane commented: “The number of transactions that happen in our branches now makes up less than 1 percent. In terms of how many branches will be closed going forward will be made on a case by case basis based on whether customers are using that branch or not. It will be irresponsible to keep branches opened and ask customers to pay for them while they don’t use them. Our people (employees) understand that the nature of work in the banking industry is changing because the servicing jobs are going away.” In March, Standard Bank said more than 1,000 jobs were on the line as the group closed 91 branches across the country. The announcement preceded the restructuring of its IT division which saw more than 500 workers sacrificed. Statistics SA recently reported 94,000 people lost their jobs in the finance industry in the first quarter of this year.
- Read more of this Sunday Independent report by Kabelo Khumalo at SA Labour News
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