- Standard Bank will be shutting down over 100 physical locations
- The move will see over 1 200 employees losing their jobs
- It comes as more and more banking takes place online
Standard Bank has announced that 104 of its branches will be closing.
Branches in Hout Bay, Hyde Park and Mitchell's Plain will be shut down, among others.
The bank said that these closures were an attempt to align more with the way consumers bank.
Initially, Standard Bank had said that 91 branches would shut their doors, but now this number has expanded to 104, representing 17% of the total number.
In a public statement, the bank explained the move by saying, "We're aligning our retail and business banking services so that you can bank at any time, from anywhere."
As a result of these closures, at least 1 200 Standard Bank employees will lose their jobs, according to Business Insider.
However, Standard Bank is not the only bank that is closing down physical locations. This has been a global trend, as more and more banking takes place online. For example, over the last thirty years, two third of bank branches in the United Kingdom have shut up shop.
Additionally, many other South African banks have been cutting jobs in recent years, Briefly.co.za has gathered.
Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!