Standard Bank announced on Thursday that they plan to retrench around 1,200 staff and close 91 branches in an attempt to digitise their retail and business bank.
Bank around the world are cutting down on their staff count due to a growing demand for online and mobile banking.
As South Africa’s largest bank, by assets, the decision has been a tough one and a comprehensive exit package will be offered which goes beyond the legal requirements.
South Africa’s unemployment is currently at 27 percent which is concerning to anyone facing retrenchment.
The bank is expecting to close most of the branches by the end of June but the total number of job losses may be less as other opportunities will arise at the bank.