Banking union plans total shutdown of financial sector on Friday
"It is a going to be a massive strike so that is why we are calling it a shutdown - we are going to shut down the financial sector in this country."
Banking union Sasbo is planning a "total shutdown" for Friday in protest against looming job losses in the financial sector.
Joe Kokela, General Secretary of Sasbo says between 30,000 and 40,000 members are planning to take part in the strike action.
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"It is a going to be a massive strike so that is why we are calling it a shutdown - we are going to shut down the financial sector in this country," says Kokela.
In June, the Congress of South African Trade Unions (Cosatu) suggested that a moratorium should be put in place to halt the growing number of retrenchment.
Subsequently, Nedbank announced it will serve retrenchment letters to employees who have not been placed in permanent positions as of the 1st of August.
Standard Bank also announced it will be cutting around 1,200 jobs and close 91 branches as part of efforts to digitise its retail and business bank.