Retrenchments at Standard Bank as a result of digitisation, according to Sasbo

Sasbo, the Finance Union, who represents around 71 000 finance and banking employees, believes that these changes are partly due to digitisation and the impact of artificial intelligence in the working environment.

“We know that some jobs will disappear and new jobs will be created, we will continue to resist the net effect of job losses to our country”.

” We believe that the recent restructuring exercise announced by Standard Bank in their Group IT division, will result in few forced retrenchments”,says Eugene Ebersohn, Assistant General Secretary responsible for the Standard Bank portfolio.

The bank has issued Sec 189 notices to 528 staff who will have an opportunity to apply for 349 new and existing positions. Staff have also been afforded the opportunity to apply for incentivised voluntary severance packages. ” All indications are there that some employees will opt for the incentivised voluntary package, which will result in fewer forced retrenchments”. Unemployment is our country’s biggest challenge and with our slow economic growth, job creation is below expectation”, says Ebersohn.

“This initiative might result in a number of bank employees making the decision to leave the bank out of their own accord, but the reality is that 179 positions will be lost to the economy”. “We are also appreciative that the bank was open and agreed to suggestions made by Sasbo on ways to alleviate the negative impact of this process such as retraining of affected staff and the extension of staff benefits”. “We are meeting again with the bank on Monday 19 November in a further attempt to minimise the pain of this process and agree on the extension of the window period for staff to decide on the voluntary severance packages,” says Ebersohn.


Eugene Ebersohn
082 373 2188
Assistant General

SASBO Headquarters
Sasbo House
Fourmall Office Park West
Percy Street