The VBS Mutual Bank has finally retrenched more than 90% of its staff, after the massive looting that affected the bank.
The fear speculated by many citizens has finally taken shape.
A new report reaching News360. has established that 94 employees, leaving the beleaguered bank with just 26 staff members made up of two general managers, admin staff and a collections team.
The drastic job cuts have been under discussion since July this year after VBS was placed under curatorship in March by the South African Reserve Bank.
According to a statement by curator Anoosh Rooplal released on Wednesday, curator said that the reduction in staff was a necessary step to reduce costs for the bank.
The South Africa Reserve Bank earlier published a final forensic investigation report, compiled by advocate Terry Motau, into the collapse of VBS.
Motau found wide-scale looting totalling nearly R2bn had led to the bank’s liquidity crisis.
The poor are the most affected from the so called ‘great bank heist ‘
Many citizens have joined the call for justice.