South Africa: Lucrative Banking Sector Job Cuts Immoral in Economic Climate

opinion

As clients of South Africa's highly lucrative banking sector, we should support the South African Society of Bank Officials' proposed strike over massive job cuts.

While Standard Bank earlier this year announced the closure of 91 branches and the loss of 1,200 jobs and Nedbank is "in talks" with 1,500 employees over potential job cuts, the banking sector continues to show high profits.

In March 2019 an Ernest&Young survey on the banking sector showed that, regardless of South Africa's downward spiralling economy, the country's big six banks had recorded high profits in 2018 with a return on equity (ROE) "at their highest levels since the global financial crisis".

How does this sector, with these reported profits (and which has, let us not forget, been implicated - along with the legal, accounting and consulting industries - in aiding and abetting State Capture in South Africa) morally justify this devastating decision?

When are profits enough and when does the well-being of bank employees, their clients and the country as a whole, begin to override this atavistic and never-ending quest for more?

When do banks realise that at the end of all their decisions are human beings, employees and clients (for those lucky...

See What Everyone is Watching

More From: Daily Maverick

Don't Miss

AllAfrica publishes around 600 reports a day from more than 150 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.