Banking giant, Standard Bank, has announced that 104 of its branches will be shut down this month, as part of its restructuring process.
That is 13 more branches than what was earlier earmarked for closure by the bank. The bad news for the bank’s KZN employees is that 10 branches will cease operating. The affected branches include Isipingo, Umkomaas, Musgrave, West Street (in Durban), Dales Avenue, Hilton, Mandini, Theku Plaza (in Newcastle), Watercrest and Tugela Ferry.
Standard Bank initially expected 1, 200 of its staff to be affected by the closures, but given the expanded list, the retrenchments may rise. Social media users have slammed Standard Bank for making 1200 workers jobless. Reuben Micketts said, “They splashed millions on the useless Protea squad who earn thousands upon thousands of rands, not regarding their own employees’ bread being taken off the table.” Odge Walter remarked that every time one uses the phone app, one helps close a branch. “The Fourth Industrial Revolution is in your fingertips,” said Walter. Standard Bank spokesperson, Ross Linstrom, said customer behaviour showed that clients were using branches less than they did in the past.