Standard Bank closing 91 branches – 1,200 jobs on the line

Swa

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Good. Let the masses feel what the ANC has done to the country. Announcement can't come at a better time.
 

Bighit

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I'd hate to be a customer queueing on a Saturday morning. Less branches, longer queues.
 

Lew Skannen

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I heard that Unions are not allowed to take actions against Chinese 'investments'. Perhaps it is time for the Chinese to move into South African mines too. I think they will make a killing with automation down there.
 
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Lew Skannen

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I'd hate to be a customer queueing on a Saturday morning. Less branches, longer queues.
They will soon do away with branches. I think they will be heading towards an online operation only. No one will queue. You will just call them from the comfort of your home. If you want to speak to a human, you will need to go to church.
 

genetic

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Good. Let the masses feel what the ANC has done to the country. Announcement can't come at a better time.
Eh?

It's a sign that traditional banking is dying.

The bank stated that it is “realigning its retail and business banking delivery model” amid a “rapid adoption of digital banking products and services”.

As a result, branches are less of a focus for the company.
Also I bet you these branches are in more affluent areas where bank visits are far less common, and digital banking common place.

Standard Bank explains perfectly here that the branches that are closing are those don't have foot traffic due to digital banking, which is what they want to gear toward. Did you hear that two new digital only banks have started too? Ever hear of cryptocurrency?

https://www.cnbcafrica.com/videos/2019/03/14/standard-banks-montjane-reveals-more-details-on-branch-closures-job-losses/

The traditional branch banking model is dying All banks will eventually go this route.

I'm sorry, but you can't blame the ANC for digital transformation. They usually oppose it.
 
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R13...

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I heard that Unions are not allowed to take actions against Chinese 'investments'. Perhaps it is time for the Chinese to move into South African mines too. I think they will make a killing with automation down there.
you heard wrong, PMC suffered a wildcat strike a while ago. that's a Chinese owned mining company for your info.
 

Lew Skannen

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you heard wrong, PMC suffered a wildcat strike a while ago. that's a Chinese owned mining company for your info.
On the other hand, rumour is running that Gwede threatened to have all workers replaced and the union closed if they do go on strike. That was just after their threats in February 2019. Not sure when the actual strike occurred after 'ol Gwede had a 'chat' with them....

I think its is going to be a bit harder to go against your overlords. We'll see what happens with Standard Bank now.
 

damian24

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and in other news, the UK is concerned that too many ATM's (never mind branches being closed) are being removed which impacts the last remaining vestage of a cash society.

horses for courses I guess...

D
 

ForceFate

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I heard that Unions are not allowed to take actions against Chinese 'investments'. Perhaps it is time for the Chinese to move into South African mines too. I think they will make a killing with automation down there.
What sort of action?
 

ForceFate

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Good. Let the masses feel what the ANC has done to the country. Announcement can't come at a better time.
Much of it may be due to more and more people adopting online banking.

I hardly see long queues inside banks nowadays.
 

Swa

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Eh?

It's a sign that traditional banking is dying.



Also I bet you these branches are in more affluent areas where bank visits are far less common, and digital banking common place.

Standard Bank explains perfectly here that the branches that are closing are those don't have foot traffic due to digital banking, which is what they want to gear toward. Did you hear that two new digital only banks have started too? Ever hear of cryptocurrency?

https://www.cnbcafrica.com/videos/2019/03/14/standard-banks-montjane-reveals-more-details-on-branch-closures-job-losses/

The traditional branch banking model is dying All banks will eventually go this route.

I'm sorry, but you can't blame the ANC for digital transformation. They usually oppose it.
You miss the point. It's 1200 jobs gone forever. If we had a growing economy with other jobs to replace them it wouldn't have been felt much. As it is though more and more investments are leaving the country and joblessness is increasing.
 

genetic

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No need when you can't comprehend the bigger picture in any thread.
Oh gahd. Me and many others then? Coz it's always me and many others against you. You got called out in the best GPU thread, so now need to rant here? :ROFL::ROFL: Maybe stop posting BS, and you won't get called out all the time.
 
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