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BL Premium reports that SA’s major banks have poured cold water on a claim by finance union Sasbo that more than 10,000 people will soon be joining the ranks of the unemployed when the banking sector scraps thousands of posts.
On Friday, Sasbo general secretary Joe Kokela claimed Standard Bank was planning to retrench up to 6,000 people and Nedbank and Absa 3,000 and 878 jobs respectively, due to the effect of the fourth industrial revolution. The Cosatu-affiliated union threatened to shut down the financial sector in protest. While confirming that Standard Bank was closing 91 branches, affecting 1,200 employees, spokesperson Ross Linstrom denied the bank was planning to retrench 6,000 people. Nedbank spokesperson Sharda Naidoo said: “Nedbank does not have plans to cut 3,000 jobs. Nedbank has just concluded a reorganisation process where we consulted with 1,500 employees who were affected by their roles or reporting lines changing. Following completion of those consultations, fewer than 100 employees remain unplaced.” Absa said it announced a new group operating model in April that “began to align the organisation with its new corporate strategy” and that “only once the realignment is complete that the total number of people who have either been appointed to new roles or have left the organisation will be known with certainty.”
- Read the full original of Luyolo Mkentane’s report on the above story at BusinessLive (paywall access only)
- Read Sasbo’s press statement on this matter at Cosatu News
Get other news reports at the SA Labour News home page