South Africa: Labour Court Halts Banking Sector Strike

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ATM (file photo).
26 September 2019

Cape Town — The Labour Court has interdicted a planned strike by workers in the banking sector, Business Day reports. Reasons for granting the interdict would be made clear in due course, Judge Hilary Rabkin-Naicker said.

Banking union Sasbo said that the 40,000 workers who were to participate in the planned strike action were prepared to demonstrate against retrenchments in the industry. Over the past two years, announcements of job cuts from Nedbank, Standard Bank and Absa saw thousands of bank workers retrenched, according to Fin24.

The job cuts came as "digital disruption" from banking apps negated the need for bank branches, 104 of which Standard Bank has closed. Former FNB CEO Michael Jordaan, tweeted this week "Banking apps sometimes malfunction but they don't strike"

Business Unity SA, who sought to halt the strike action, said the demonstration would not change the realities affecting the banking sector and would "further burden the economy and deter investment".

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