Standard Bank: To cut 1,200 jobs

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Standard Bank: To cut 1,200 jobs

Standard Bank: To cut 1,200 jobs and shut down 91 branches as part of its digitization plans

  • Standard Bank will implement comprehensive exit package which significantly exceeds the requirements as set out in the Labour Relations Act
  • It will also assist employees with funding to acquire new skills to improve their competitiveness in the market
  • Its past transactions shows why it is making the cuts
  • It has an on-the-ground presence in 20 countries on the African continent
  • Industrial and Commercial Bank of China (ICBC) is a 20% shareholder in the group
  • Standard Bank is planning to launch a private permission platform for FX payments and settlement