JOHANNESBURG - South African banks are dismissing the number of layoffs that union Sasbo has put forward as it warns of a major strike.
The union says it will bring the banking sector to a halt if a solution isn't found to protect 10,000 jobs.
But banks are refuting the number of potential layoffs.
Low economic growth and stiff competition from branchless digital banks are forcing traditional institutions to restructure.
Many banks have already reduced their floor space and are streamlining operations.
Sasbo general-secretary Joe Kokela said the union is up in arms.
"We believe as Sasbo that the banks knew, four, five years ago, that this was coming."
The bank says it's making strides to ensure that impacted employees are absorbed into other roles.
Nedbank -- which released flat interim results on Tuesday -- says it has been consulting with unions for months and fewer employees will be affected.
Nedbank COO Mfundo Nkuhlu said 1,400 of those staff will be accommodated in the new business area.
"So that leaves us with a challenge of between 50 and 100 people who we'd have to find placement for.
"That's the conversation that's taking place, making sure that we appropriately skill them for the new roles and find placement for them.
"Clearly this notion that Nedbank is retrenching 1,500 people is in our view entirely not true," said Nkuhlu.