Bidvest Bank has announced it is contemplating retrenching nearly 5000 members of staff and realigning its operations to responding to the challenges that the COVID-19 pandemic has caused.
The bank says lockdown restrictions on tourism and hospitality industries have had devastating effects on its business which focuses on forex and related products.
In an internal memorandum to employees, the bank says the retrenchments are aimed at ensuring its sustainability in a tough economic climate.
The bank says it now needs to accelerate the use of digitalisation and implement remote banking.
Bidvest Bank says the reasons for the redundancy have already been communicated to staff and further discussions on the issue will be addressed during the CCMA facilitation process.
In the video below, retrenchments loom in several sectors of SA economy:
The bank says the digitisation process will further have a direct impact on structures and some roles might fall away.
It will also review its current operational structures to ensure efficiency.
Banking union SASBO estimates about 3000 jobs could be on the line.
In the video below, the impact of COVID-19 on businesses:
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