South African Banks Breathe Sigh of Relief

The bank strike crashed at the 11th hour but Cosatu and its affiliate, the SA Society of Bank Officials (Sasbo), have vowed to regroup for a fight to stop the job loss bloodbath in the industry. The labour union has appealed to their members to respect the Labour Court judgment interdicting their planned national shutdown, but promised to organise an even bigger protest. Business Unity SA (Busa) succeeded in its bid to halt the protest action that was scheduled for today. Earlier this year, Standard Bank announced that it would close 91 of its branches, 49 of which are in Gauteng. Sasbo has warned that if financial sector employees fail to take a stand by the end of the year, 10 000 jobs could be lost. The union said it has been trying to resolve the problem without resorting to industrial action, but even after a facilitator was appointed by the CCMA no solution could be reached.

SOURCE: IOL

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