FirstRand Ltd. plans to close branches and cut jobs at its South African retail-lending unit as customers switch to digital banking and the continent’s biggest lender by market value responds to an economy on the brink of a recession.
Almost 600 positions will be lost at First National Bank, while more than 500 people at the Johannesburg-based company may be able to apply for other roles, said Vanessa Hattingh, a representative from Sasbo, a labor union which acts on behalf of more than 50 percent of FNB’s staff. About 10 percent of the bank’s branches will be affected, with 40 closing and another 31 reducing staff, she said.
