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

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