Standard Bank to cut thousands of jobs

Standard Bank will be closing ninety-one branches this year, and one thousand two hundred jobs could be lost as a result. Courtesy #DStv403

JOHANNESBURG - Standard Bank will be closing 91 branches this year and 1200 jobs could be lost as a result.

In a statement released on Thursday, the bank said it was a difficult decision to make.

It also highlighted it will set aside funding to assist employees to acquire new skills to improve their competitiveness in the labour market.

READ: Standard Bank to cut jobs

Standard Bank SA will also implement an exit package to assist affected employees.

The bank, along with Absa and Nedbank, has had to compete with the increased digital banking products available to customers as well as higher operating costs in an already depressed economy.

The branches are set to be closed by the end of June.