Thousands to lose jobs as Standard Bank shuts down Pretoria branches

Thousands to lose jobs as Standard Bank shuts down Pretoria branches

The bulk of Standard Bank branches being shut are in Gauteng at 49, with a further 11 and 10 in the Western Cape and KwaZulu-Natal, respectively. Picture: Moneyweb

More than 100 branches are set to be affected, but employees will be receiving severance packages that exceed labour relations act requirements.

Several Standard Bank branches in Pretoria are set to be affected by looming nationwide closures at the end of the month, reports Pretoria North Rekord.

The branches set to be closed down are Wonderboom Junction, Rosslyn and Soshanguve Crossing.

Several other branches throughout Pretoria will also be closed down, including Menlyn, Menlyn Maine, Irene Mall, Arcadia and Bloed Street.

ALSO READ: SA’s ‘big four’ banks have shut down almost 700 branches this decade

The bank said in a statement it was “realigning” its retail and business banking delivery model.

More than 100 branches are set to be affected.

“The shift in customer behaviour means that our clients are using our branches less.

“As such, we have re-looked our retail and business delivery model so that it is geared to serve the needs of our customers.”

The bank also announced more than 1,200 jobs would be affected by the looming closure of the bank’s branches.

“The actual number of employees who will ultimately exit the employ of Standard Bank SA could be lower as new opportunities will become available in the new operating model.

“We have worked hard to minimise the impact of this re-organisation on our people,” the statement said.

Affected employees were set, however, set to be offered severance packages.

“As part of a support programme agreed with SASBO, Standard Bank SA will implement a comprehensive exit package which significantly exceeds the requirements as set out in the labour relations act.

“We have also set aside funds to assist employees to acquire new skills to improve their competitiveness in the labour market as well as entrepreneurial training and financial assistance.”

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