South Africa’s Standard Bank is set to cut 526 jobs as a part of restructuring programme of its IT department.

In a statement, the bank said that all the employees who will be affected due to this restructuring may not be retrenched.

“Of the impacted permanent staff, the majority are in the executive and managerial bands,” the bank said.

Currently, Standard Bank is engaged in talks with the employee union to determine the final number of layoffs, reported Reuters.

Standard Bank layoffs

Standard Bank planned to restructure its IT department due to the introduction of new technologies in the banking sector.

It aims to refine the IT department’s operating model to make it suitable to adopt the latest technologies and competent to fulfil customer demands.

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However, the restructuring will also result in creation of 180 new positions. The conventional IT posts will be replaced with new positions in cloud engineering, data science and analytics and cyber security areas.

One of the largest banks in Africa, Standard Bank manages total assets of nearly $149bn.

With employee strength of nearly 54,000, the bank operates in around 20 African nations.

It has three business units, namely- Personal & Business Banking, Corporate & Investment Banking and Wealth – Liberty.

In March, the company reported a year-on-year 14% increase in underlying profits to $2.22bn for 2017 fiscal.