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Bloomberg reports that financial union Sasbo is threatening to disrupt the banking industry by leading its 73,000 members on a strike next month, in what would be its largest industrial action in almost a century.
The planned two-day walkout will target banks that have consulted staff over job cuts in recent months and other institutions that employ members of the union, according to general secretary Joe Kokela. He indicated on Monday that Sasbo wanted banks to consider options other than retrenchments and begin a program to re-skill employees whose positions were at risk. "If the banks say no, the struggle continues and we will make sure we shut down the system until they come to their senses. We can even make sure replenishment of ATMs are kept to a minimum so that the country runs short of money," Kokela indicated. Lenders are cutting jobs as they seek ways to lower costs and contend with slow economic growth and fresh competition in the industry from branchless, digital entrants such as TymeBank and insurer Discovery. Absa Group, Standard Bank Group and Nedbank Group have all consulted with Sasbo in recent months over cuts. Sasbo has not yet informed any of the country's lenders of its plans.
- Read the full original of Roxanne Henderson’s report on the above story at Fin24
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