What it does: Personal banking, corporate banking, investment banking and wealth management.
Best known for: Standard Bank is the largest bank in South Africa in terms of assets. It also has the strongest reach in South Africa with many branches and ATMs.
Staff stats: Over 46,000 employees in 1115 branches spread across the African region with the bulk of the workforce in South Africa.
The good bits: Good work-life balance, relaxed work environment, many staff benefits for permanent staff, many training programs including access to premium courses on LinkedIn and diversity programs.
The not so good bits: Top heavy management making it difficult to quickly implement change, promotions heavily dependent on internal politics.
The Standard Bank story
The bank was founded in October 1862, under the name The Standard Bank of British South Africa Ltd. The bank dropped ‘British’ from its name in 1883 and used it until 1962. In 1962, a subsidiary was created to handle South African operations. The subsidiary took the bank’s old name and the parent company was renamed to Standard Bank Ltd. In 1967, shares were offered to the general public with the parent company holding on to 80% of shares. In 1989, it became a fully South African owned bank after the parent company sold its shares. It’s listed on the Johannesburg Stock Exchange under the symbol SBK
The culture
Standard Bank is known for its professional and friendly culture. Employees are very supportive of new recruits and make them feel welcome. Teamwork is encouraged with team goals and bonuses. One reason the fresh graduates are rotated frequently in the first two years is so they can learn how various departments of the bank work together to achieve common goals.
Employee growth and upskilling is part of the culture. There are many training programs that focus on overall development as well as job-specific skills. Diversity is promoted and there are special programs and diversity quotas to maintain this balance.
Social contribution
Standard Bank contributes to social programs mainly under two categories. In sport, they sponsor the South African Cricket team. Standard Bank also sponsors many regional tournaments across Africa. The bank also has a sponsorship partnership with IRONMAN South Africa and heavily promotes triathlon events.
In arts and culture, the bank’s Young Artists Awards program has encouraged and promoted up and coming South African artists since 1981. The bank sponsors the National Arts Festival, National Jazz Festival and many other cultural events. The Standard Bank Gallery opened in 1991 and provides a place to showcase fine arts. As part of the bank’s outreach program, school children are given guided tours free of cost.
The vibe of the place
At Standard Bank, graduates will be working in a friendly corporate culture surrounded by an experienced and a diverse range of colleagues. Grads will be exposed to the full spectrum of banking activities and given plenty of opportunities to grow. You can expect a good work-life balance with long hours a rarity rather than the norm.
However, the hierarchical structure will slow down the decision-making process and reliance on outside consultation can stifle employee ideas. Internal politics and connections play a role in promotions, which may be discouraging for skilled employees who are adept at networking. Overall, after considering the growth opportunities, employee benefits and work-life balance it is rated as one of the best banks to work in South Africa
