Standard Bank will slash 1200 jobs and close 91 branches – roughly one out of every six in South Africa - by the end of June.
It's the most significant cutback in banking in 20 years.
However, FNB parent FirstRand and Capitec Bank are adding staff.
Listen to the interview in the audio below (and scroll down for quotes from it).
Customers are no longer going to branches… an exceptionally difficult decision…— Funeka Montjane, CEO - Personal and Business Banking at Standard Bank
The decision has been made based on the needs of customers.— Funeka Montjane, CEO - Personal and Business Banking at Standard Bank
A big proportion of this is in the metros…— Funeka Montjane, CEO - Personal and Business Banking at Standard Bank
It’s been a very, very difficult decision…— Funeka Montjane, CEO - Personal and Business Banking at Standard Bank
Branches are always going to be there… There are complex things when you want to talk to a person…— Funeka Montjane, CEO - Personal and Business Banking at Standard Bank
This decision has nothing to do with any competitor. It’s a response to how customers are choosing to transact.— Funeka Montjane, CEO - Personal and Business Banking at Standard Bank
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