South African banks cutting jobs

Daniel Puchert

Journalist
Staff member
Joined
Mar 6, 2024
Messages
2,165
Reaction score
1,908
Banks slashing jobs in South Africa

Three of South Africa's major banks have cut jobs over the past five financial years, with one cutting more than 5,000 staff since 2019.

As banking shifts from traditional in-store transactions to digital channels, banks are reducing their footprints and the number of staff on the ground.
 
Can't they at least wait till Black Friday?
 
Standard Bank and Absa will be in here, and I haven't even read the article...
 
The CEO salary probably goes up by double what they save on payroll. Banks are the ones who can afford to have more employees, but they let them go. They don't stand to benefit much either way.
On the other hand, Eskom and others can afford and benefit to cut jobs, but don't.

Job creation going the wrong way, because of Government.
 
Ai, you got to be an idiot not to use it. We have tracked fraud going back 30 years using Ai now, so a few more got marched out of the building that thought they got away with it.

The advantage of Ai is that loans can get approved instantly and claims can be paid immediately, which is much better for the clients. Fraud checks also happens much easier and when Home Affairs wake up, it can speed up a bit more with verifications etc.

The big bottlenecks with the government is quite actually....Master of the High Court. Cant understand why it takes them 6-8 years to finalize a basic estate, whereas it effectively can happen within a month. In matter of fact abroad it takes between 2-4 weeks to wind up an estate. Most of what the Masters do can be eliminated. If we can get that sorted, then Estate payouts can get paid quickly and not leave families in financial distress having to pay for funerals etc then waiting years to get money for the kids.

And in Gauteng most of the Masters got fired because they were looting the Guardian fund (yip the fund where money gets kept for your kids, if you havent setup a trust for them.)
 
Top
Sign up to the MyBroadband newsletter