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The Standard Bank commercial bank will cut about 1,200 jobs and will close 91 branches as part of the digitization efforts of its retail and commercial bank, the bank said Thursday.
Lenders at South African commercial banks, like others around the world, have closed branches and downsized staff to reduce costs and adapt to customers' growing preference for online banks or their phones portable.
"It was not an easy decision to make," the bank, South Africa's biggest badet, said in a statement, adding that it would set up a "global exit program" that would beyond the legal requirements.
The job cuts come as the unemployment rate is 27% and the 526 jobs announced in November have been removed.
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