FNB plans to close branches and cut jobs in South Africa, with roughly 600 positions affected. This is according to a report by Bloomberg.
“More than 500 people at the Johannesburg-based company may be able to apply for other roles,” stated the report.
Roughly 10% of the bank’s branches will be affected – with 31 reducing staff and 40 closing.
Bloomberg said customers switching to digital banking and the economy being on the brink of a recession were contributing factors to the reductions.
“No full-service branches are affected and FNB is continuing to extend its network of ATMs,” FNB said in the report.