African Bank's proposed job cuts spark outrage as unions fight to save 1,200 jobs

Trade union federation COSATU has thrown its weight behind Sasbo’s opposition to African Bank’s planned retrenchment of 1 200 workers

Trade union federation COSATU has thrown its weight behind Sasbo’s opposition to African Bank’s planned retrenchment of 1 200 workers and the possible closure of 90 branches.

This follows the bank’s announcement that it is considering a Section 189A retrenchment process as it looks to cut costs after reporting a R624 million loss for the six months ending March 2026.

In a statement released to the media on Friday, COSATU spokesperson Zanele Sabela said the federation would support Sasbo’s efforts to protect jobs and would oppose any retrenchments at the bank.

"The Congress of South African Trade Unions (COSATU) stands squarely behind Sasbo as it pushes back on African Bank’s plan to retrench 1 200 workers and close 90 branches."