Standard Bank to lay off more than 500 workers

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JOHANNESBURG – South Africa’s Standard Bank aims to cut 526 information technology (IT) jobs as part of plans to restructure its IT division, the lender said on Wednesday.

“Of the impacted permanent staff, the majority are in the executive and managerial bands,” South Africa’s largest bank assets said in a statement.

Standard Bank spokesperson Ross Linstrom says of the impacted permanent staff, the majority are in the executive and managerial bands. 
 
“This process will result in 526 IT employees receiving Section 189 notices which will commence the consultative process with the employees involved”.
“This process will create over 180 new-generation IT positions within the bank. Regrettably, this will also result in the loss of a number of existing traditional IT positions,” Linstrom said.
 
The bank said the restructuring was instigated by “emerging technologies and increased demands from customers”.
 
The unrelenting jobs bloodbath seems to be gathering steam. Power Utility Eskom has already announced plans to cut its workforce, the SABC has said it would have to let go of more than 1 000 workers for it to keep afloat.  Telkom’s subsidiary BCX last week also joined the bandwagon and warned that it will retrench about 700 employees.
 
Ironically, as part of stemming the jobs bloodbath,  all stakeholders at the Jobs Summit held last month had committed themselves to concrete steps to avoid retrenchments and support struggling companies. (Reuters)

 

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