Financial

Looming job cuts at Standard Bank

Read time 1min 00sec
1 200 jobs on the line at Standard Bank.
1 200 jobs on the line at Standard Bank.

Standard Bank, one of SA's big four banks, plans to cut 1 200 jobs cuts and shut down 91 branches as it ramps up its digitising efforts.

This is according to Reuters, which says Standard Bank will digitise its retail and business bank.

"This has not been an easy decision to make," Reuters quoted the bank's statement. Furthermore, Standard Bank will implement a "comprehensive exit package" that goes beyond the legal requirements, the wire service states.

Last November, Standard Bank also announced it was planning to cut 526 jobs.

Last week, the financial institution reported massive gains in its digital banking platforms. This, it says, is in line with its customers' increasing preference for convenient digital channels over traditional channels.

In SA, the bank said the business saw strong digital volume growth across Instant Money, the SBG mobile app and value-added services, as well as card-based transactions.

According to Standard Bank, digital adoption also continued to gain traction in African regions, in particular Namibia, Nigeria and Zimbabwe.

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