Standard Bank to close 1 out of every 6 branches in SA and slash 1200 jobs

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.

Absa, Nedbank and Standard Bank are employing 2236 fewer people than a year ago.

However, FNB parent FirstRand and Capitec Bank are adding staff.

The Money Show’s Bruce Whitfield interviewed Funeka Montjane, CEO of Personal and Business Banking at Standard Bank.

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

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : Standard Bank to close 1 out of every 6 branches in SA and slash 1200 jobs


Recommended

by NEWSROOM AI
Read More
[Watch] 'You take Main Street, ne? Naai, you take Ngcobo Street!'

[Watch] 'You take Main Street, ne? Naai, you take Ngcobo Street!'

Does it work? Chicken Licken tries again with a new TV advert after the advertising regulator banned its “Legend of Big John”.

Apple launches 'Apple Card', a credit card with zero fees and low interest rates

Apple launches 'Apple Card', a credit card with zero fees and low interest rates

The actual card is minimalist and sleek in the most Apple kind of way. Bruce Whitfield interviews Craig Wilson, Editor at Stuff.

Strong growth at FNB saves FirstRand

Strong growth at FNB saves FirstRand

FNB – SA’s largest retail bank by market share – grew earnings by 13%. Bruce Whitfield interviews FirstRand CEO Allan Pullinger.

Absa loses market share. Eyeing Ethiopia, a market of 100 million people

Absa loses market share. Eyeing Ethiopia, a market of 100 million people

The Money Show’s Bruce Whitfield interviews Jason Quinn, Financial Director at Absa.

Nedbank is taking customers from other banks

Nedbank is taking customers from other banks

It has 7% more customers than a year ago, growing its market share to 13.1%. Bruce Whitfield talks to Nedbank's CEO, Mike Brown.

How to buy your first share (even if you only have R50, or less)

How to buy your first share (even if you only have R50, or less)

Got R50? No? Got R5? Personal finance expert Warren Ingram on how to buy shares with tiny amounts of money.

Popular articles
'A black constructor who refused "Construction Mafia" was killed in cold blood'

'A black constructor who refused "Construction Mafia" was killed in cold blood'

Safec CEO Webster Mfebe wants president to intervene in construction industry intimidation by a group called Construction Mafia.

Cape Party: We want the Western Cape to be an independent country #Capexit

Cape Party: We want the Western Cape to be an independent country #Capexit

Cape Party says it wants Capexit, an independent Western Cape free from the ANC's policies.

Why flights between JHB and Cape Town could become a few minutes longer

Why flights between JHB and Cape Town could become a few minutes longer

SA Flyer Magazine editor Guy Leitch explains the impact of the Northern Cape SKA radio telescope on flight times.

 Allow farmers to go off the Eskom grid and turn to solar power - Agri SA

Allow farmers to go off the Eskom grid and turn to solar power - Agri SA

Agri SA’s Nicol Jansen, explains how SA's agricultural industry could benefit if more farms were allowed to go off the Eskom grid.

NG Kerk minister condemned for showing solidarity with Christchurch victims

NG Kerk minister condemned for showing solidarity with Christchurch victims

NG Kerk dominee Riaan de Villiers says he was told he is not allowed to call Muslims our brother and sisters, and children of God.

Paramedics fear for their lives as attacks on EMS crews continue

Paramedics fear for their lives as attacks on EMS crews continue

An ambulance crew was held at gunpoint, assaulted and robbed of their belongings while on a call out in Khayelitsha.

'I want the world to know that Mandla was using my daughter for his own gain'

'I want the world to know that Mandla was using my daughter for his own gain'

Reverend Mbongeni Simelane says it has been a difficult time for his family after the abuse of Bongekile 'Babes Wodumo' surfaced.

DStv subscription price hikes for 2019

DStv subscription price hikes for 2019

MultiChoice will increase the prices of certain DStv packages from 1 April.

Physics pro Wandile Mabanga puts Africa on the map with interactive puzzle

Physics pro Wandile Mabanga puts Africa on the map with interactive puzzle

Maths genius and entrepreneur Wandile Mabanga is helping people play and learn with his unique, interactive Map Blitz board game.