Moneyweb reports that Nedbank has cut a quarter of its branches (25%), or 140 outlets, since 2015. To offset the branch closures, the bank continues to grow its in-store footprint, chiefly with partner Boxer.

It now has 120 of these smaller points-of-presence within supermarkets, up 28% since 2015. So far this year, it has closed six branches and seven in-retailer outlets and opened no new branches. It says this reduction has not affected its “coverage of the bankable population in SA, which remains around 85%, in line with that of the industry”. Along with the optimised (in other words shrinking) footprint, Nedbank has steadily cut the number of full-time staff across the bank. The number of employees is down by nearly 5,000 (or 16%) from the 2015 number. The bulk – nearly 3,000 staff – were cut since 2019 (representing a 10% decrease). In the past year, the bank says the decline in permanent employees was mainly through natural attrition. Nedbank isn’t only optimising its retail branch network. Over the past four years, it has cut the number of campus sites (offices) from 31 to 24. It has a longer-term target of 19. Nedbank says it will “continue to optimise the portfolio by enhancing workstation use through enabling flexible office constructs to support more dynamic ways of work, as well as leveraging successful work-from-home experiences as a result of Covid-19.” It anticipates a workforce distribution model of 50% full-time on premises, 30% hybrid and 20% permanently off-site.

• Read the full original of the report in the above regard at Moneyweb

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