SASBO statement on job losses in the financial sector

“Sasbo – The Finance Union who represents approximately 70 000 members in the Finance Sector, has formally pledged its support to its Cosatu Federation in the fight against job losses in the finance sector.”

“We made it clear that we are not oblivious to the changing world of work, the impact of technology, and the introduction of the digital and data transformation; but enough is enough”, says Joe Kokela General Secretary.

“Sasbo cannot continue to be an innocent bystander in seeing our members losing their jobs on a regular basis, contributing to the high unemployment and then expect them to survive in a wilting economy”.

“Recently there has been a spike of notices served on Sasbo to attend S 189 consultations followed by facilitations”.

“Ironically the finance sector takes great pride in announcing their contributions to the needs of national interests, like youth unemployment, etc., but when the Union seeks the indulgence of the employer to give the same attention to the sectorial agenda, then the priority to retain jobs becomes elusive and the sympathy vanishes”, says Kokela.

“Almost every consultation ends with casualties and it is the employees that get hit the hardest. Conveniently employers remind us that staff costs are exorbitant; and that cost cutting must start there; however when asked about the remuneration packages of the top earners in this sector, the employer swiftly and conveniently changes the topic of discussion.

“We have noted with concern, the hesitancy of the private sectors, the finance sector in particular, to pledge employment as envisaged during the President’s Job Summit.

“It is just so painful to see how wealthy institutions like Standard Bank, Nedbank, Absa, Old Mutual just to name a few, are the big culprits on  encouraging and enforcing job losses in the finance sector. “The time has come to stand up and to vent our frustration by relying on our legal right to resort to serious action by means of participating in a national strike and stayaway by our members with the support of our Federation Cosatu”, says Kokela.


Modime Joe Kokela 082 827 9526

General Secretary