1200 people to lose their jobs after Standard Bank closes 91 branches

Close to 1200 people on the verge of losing  their jobs almost immediately, after  Standard Bankadopted a  new banking delivery model.

According to a statement issued by Standard Bank on Thursday afternoon, a total of 91 branches will be closed as the bank opts for a digital banking offering for consumers. The vast majority of these branches will be closed by June 2019, the statement read.

“These changes will impact approximately 1200 jobs. However the actual number of employees who will ultimately exit the employ of Standard Bank SA could be lower, as new opportunities will become available in the new operating model,” the bank said.

Standard Bank will provide a “comprehensive exit package” for employees.

“We have also set aside funds to assist employees acquire new skills to improve their competitiveness in the labour market, as well as entrepreneurial training and financial assistance,” Standard Bank said.

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