Why Standard Bank plans to take an axe to its branch network
The bank intends to close 91 branches before the end of June, putting about 1,200 jobs at risk
Standard Bank plans to cut its branch network in SA by about 15%, potentially leading to the loss of more than 1,000 jobs, as the country’s largest bank by deposits adapts to clients moving to digital channels. "The shift in customer behaviour means that our clients are using our branches less," the group said in a statement on Thursday. "As such, we have relooked at our retail and business banking delivery model." The bank intends to close 91 branches before the end of June, putting about 1,200 jobs at risk. Actual job losses could be lower as it retrains staff and transfers positions internally. The announcement follows a similar one in November, which affected 526 jobs. Standard Bank could not provide clarity on the actual number to be cut as "it depends on employees who apply or take up other vacant opportunities within the bank", it told Business Day. The move appears to be the partial fulfilment of an undertaking by Standard Bank Group CEO, Sim Tshabalala, who told investors a...