FNB to cut jobs, close branches - TechCentral

FNB to cut jobs, close branches

FNB-640

First National Bank intends to axe 600 jobs and close 40 retail branches as its customers shift to digital banking, according to a report.

Bloomberg reported on Monday afternoon that the weak economy had also contributed to the cost-cutting move.

According to the report, about 10% of the bank’s branches will be affected by the move, with 40 closing their doors and a further 31 reducing employee numbers.

FNB is seen as leader in digital banking in South Africa and has been incentivising clients aggressively to use digital channels such as online banking and its smartphone app instead of visiting branches, which are costly to maintain.

According to Bloomberg, FNB has 716 branches in South Africa.  — (c) 2016 NewsCentral Media

5 Comments

  1. claire_salisbury on

    Sorry – small error in your story above. 600 jobs will be lost and another 500 people will be redeployed. So more than 1000 people affected in total.

  2. They can’t be surprised!! I don’t think it’s due to so many of using their online banking. When I opened an account with them for business, it was a nightmare. I had to go back 3 times, sit around and play musical chairs with the rest of the population, their website was rubbish and difficult to follow and I am a techie, their machines are also rubbish and you only have to stand in the long queues outside the bank to see how people struggle to operate their elephant machines. Their service is shocking and I for sure won’t miss them if they shut all their doors. I have met one person who actually like them the rest goes straight away ,” oh and that website” hate it. I left them a year ago so don’t know if they woke up to it, but I saw just yesterday when passing the one the blue route, not much have changed, still musical chair party. Txtxtx

  3. Be warned if you loose you fnb connect sim card you have to go into a branch in order for them to issue you with a new sim card. Lesson don’t port your number to fnb connect, rather use the cell number they issue you with. You can’t buy a sim card in the shops and do a sim swop if you lost your phone on holiday or anywhere.

  4. This is more in response to FNB pushing its customers to digital banking, which will never be the answer to some of their inefficiencies.

    Despite having used a relationship banker (who was inefficient), there are some transactions that require me to go into an agency. The few times I had no choice, I found the people unfriendly and disorganised. Downsizing inevitably means more time spent on chairs waiting in queues.