While Standard Bank earlier this year announced the closure of 91 branches and the loss of 1,200 jobs and Nedbank is “in talks” with 1,500 employees over potential job cuts, the banking sector continues to show high profits.survey on the banking sector showed that, regardless of South Africa’s downward spiralling economy, the country’s big six banks had recorded high profits in 2018 with a return on equity “at their highest levels since the global financial crisis”.
But we are clients of these banks. It is our money that we deposit each month and it is to these institutions that many of us have become cripplingly indebted.Regardless of how many staff are put out on to the mean streets to join the increasing numbers of unemployed South Africans, we, as clients, will still pay the same charges while we are forced to migrate online.
Too big to fail, it was socialism for the rich – the bankers – and sado-capitialism for the rest of us who have had to carry the enormous burden and cost of reduced or cut essential services – medical, education, food costs – in those countries where taxpayers footed the bill for bankers’ excesses and recklessness.
The loan was split between the Bank of China, R3-billion; Absa, R3-billion; Nedbank, R3-billion; Futuregrowth, R1.5-billion; and Old Mutual Specialised Finance, R1.5-billion. The syndicated loan was facilitated and arranged by the Gupta-linked Regiments Capital. In this case, Mazibuko said, if such cash is just accepted at a bank without being questioned, it begins the process of integrating illegal money into the formal system. He added that Homix received roughly R660-million in credits between March 2014 and June 2015, the period reviewed by the Reserve Bank.
That is the indifference of the banking sector to millions of ordinary clients like you and I. Miss a payment and you are placed on a rote AI debt collection bot.Banks spend fortunes on silly marketing videos, soppy advertising, and other costly “bumf” to extract and inculcate brand loyalty, while in truth, the existence of “bank rage” and the enormous frustration at dealing with the financial sector points to a growing sense of alienation by ordinary clients.
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