According to the bank on Friday, the 91 branches will be closed because it has decided to opt for a digital banking offering for consumers. “These changes will impact approximately 1,200 jobs.
“However, the actual number of employees who will ultimately exit the employ of Standard Bank South Africa could be lower, as new opportunities will become available in the new operating model,” the bank said.
Standard Bank said it would provide a comprehensive exit package for the redundant employees.
“We have also set aside funds to assist employees acquire new skills to improve their competitiveness in the labour market, as well as entrepreneurial training and financial assistance.
“This has not been an easy decision to make. We recognise that this is a very stressful time for everyone,” the bank concluded.