FirstRand is planning to axe jobs and shrink branch network at its South African retail banking division.
Sasbo, the union that represents workers in the banking industry, said that 600 jobs will be shed at First National Bank.
Go deeper with GlobalData
The move will affect almost 10% of the bank’s branches, leading to closure of 40 branches and staff reduction in another 31.
Over 500 people however, might be able to apply for other roles, according to the union.
The decision aims to phase out duplication and enhance operational efficiency as more customers switch to digital banking channels.
GlobalData Strategic Intelligence
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
