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.
Africa’s largest bank by assets, which has more than 54 000 employees in Africa, said not all the workers affected by the restructuring might be retrenched, as it was engaging in talks with their union on exactly how many would be laid off.
The new structure will remove traditional IT positions but will create more than 180 new positions in that department, in areas such as cloud engineering, data science and analytics, cyber security, among other positions.
“Of the impacted permanent staff, the majority are in the executive and managerial bands,” the bank said in a statement.
In the first six-months to the end of June, the bank reported a 5% increase in headline earnings per share of 794 cents versus 756 cents a year earlier.
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I was at the AWS Summit in Cape Town a few months ago, and what I saw was some amazing stuff that you can implement with the very little resources that used to require exceptional skill and tones of work.
This in only the beginning, if you are a sys-admin be afraid, be very very afraid.
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Its about time…IT Companies made their money at the BANK.Nothing but dead wood left behind after the BR’s ended.
Staff always pretending to work on projects but deliver nothing…
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Lack of empathy on the MW comments section always stands out to me. These are actual human beings we are talking about – not pc’s that are upgraded.
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Yea I guess that explains why FNB just launched a property selling/buying platform. I can list more but hey.
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“Of the impacted permanent staff, the majority are in the executive and managerial bands”
Got to feel for these guys. Terrible to laid off no matter which band or how experienced you are, but if you are more senior probably 45/50 years old mortgage, kids at varsity/high school.
Really really tough to get a new job at that level of seniority much easier when you are a youngster
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The one saving grace for someone in that band is, as long as they have kept their skills current they can easily pickup (although maybe a lower paying) job with ease, and probably even on a nice EU blue card ticket for some.
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To get an IT job in Europe is very difficult. You have to be very good. Banks work on minimum staff and hours. Most IT jobs are not well paid. The only plus is there is a very good social and medical system which is of great value.
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Hence a high need for achieving financial independence by 45. At that age you become too expensive for companies but still only in the middle of a 40-year career.
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If the implementation of IT skills into the banking system is going to save the bank a fortune, then it is high time that they relook the cost of banking charges and reduce their charges accordingly. Especially since they will be saving a fortune by not having to pay staff.
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If Standard Bank didn’t do anything about their relationship with SAP (intricately involved in the state capture debacle with Guptas), then maybe they should outsource their entire IT to SAP.
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When i heard my local branch of Standard was closing i actually rejoiced, sick i know. whenever they had to do something for me it was always a cockup and when i took the matter to management they lied and covered one anothers’ backs.
ca’nt comment about IT in the banks but branches are definitely overstaffed and useless.
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I agree with geranium. I have been trying for 8 months to open an account. Countless calls to their national Complaints Department without success. 8 Months and still not done??
Note that the new Tymebank says an account will be opened in 5 minutes.
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Less than 5 minutes for me and no documents! What a breath of fresh air not having to submit reams of documents which go where again?
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