Date: Tue, 16 Nov 1999 11:35:49 -0500
Sender: Forum on Labor in the Global Economy <LABOR-L@YorkU.CA>
From: "P. K. Murphy" <bi008@FREENET.TORONTO.ON.CA>
Subject: South Africa Facing Loss of 10,000 Jobs in Banking Sector
---------- Forwarded message ----------
Date: Tue, 16 Nov 1999 09:56:41 +0200
From: Mukoni Ratshitanga <firstname.lastname@example.org>
To: Multiple recipients of list <email@example.com>
Subject: COSATU on Nedcor take over
COSATU on Nedcor take over
From COSATU, via Mukoni Ratshitanga
16 November 1999
COSATU has learnt with concern, that Nedcor's bid to
take over Standard Bank threatens 10 000 jobs in the
banking sector. Unemployment and job losses
undoubtedly represent the biggest challenge of our
country at the moment. South Africa therefore does not
need anymore retrenchments.
Yesterday, our affiliate, the South African Society of
Baking Officials (SASBO) demanded a "Human
Resource Protocol" to halt job losses from Stanbic
The union called on the bank's management to discuss
job losses with workers and their unions before the
merger and warned that "substantial job losses in the
banking sector will have a devastating effect on the
economy as a whole and could impede the objective of
creating a super bank."
COSATU supports SASBO's call and add our voice to
the rational call for discussion by the banks and unions
before they implement the merger.
Central to our concern is the worsening of monopoly
which is by and large a defining feature of the banking
industry and the South African economy. In the context
of so few competitors, the public risks baring the brunt
through the possible fixing of bank charges, interest
charges, the reduction of costs which must now be
made up through the expressed intention to shed jobs
and possibly the deterioration of services.
We call on the Competition Board to investigate levels
of job losses that will result from the merger and its
impact on competition.