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Standard Bank to look at sales processes and incentives amid ghost account investigations

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Standard Bank says it will kick off a broader review of its sales processes and incentives after revelations that staff members used their own funds to activate accounts.
Standard Bank says it will kick off a broader review of its sales processes and incentives after revelations that staff members used their own funds to activate accounts.
Gallo Images/Foto24/Brendan Croft

Standard Bank says it is reviewing its processes and incentives within the company after dozens of staff members were implicated in activating customer accounts - many of which would have laid dormant - with their own funds.

The bank, which hosted a call with analysts after releasing its trading update on Tuesday evening, said it is purposefully designing its sales and incentives differently.

"Incentives are a small part of staff packages. [But] in light of what has happened, we will also kick off a broader review of our sales processes and incentives," said Standard Bank CEO Arno Daehnke.

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