CBZ Holdings Limited, Zimbabwe's largest financial services group, has laid off 347 employees in its latest restructuring move.
The job cuts follow the dismissal of 13 senior managers in late 2024. Advances in computer systems have allowed banks to operate efficiently with fewer staff members.
Group CEO Lawrence Nyazema said the bank started restructuring in October 2024 to match its strategy with current business needs. The changes aim to improve operations and secure the company's future.
"By adapting to the changing environment, we aim to position the organization for continued growth and success in a competitive market," Nyazema said in a statement.
The restructuring concluded on January 31, 2025. The latest round of cuts affected 347 positions out of the bank's total workforce of 1,448 employees.
Nyazema expressed gratitude to the departing staff members and pledged support for their transition and access to resources for their next career steps.
The bank's modernization reflects broader changes in Zimbabwe's financial sector, where digital technology enables more streamlined operations with reduced personnel needs.
The job cuts follow the dismissal of 13 senior managers in late 2024. Advances in computer systems have allowed banks to operate efficiently with fewer staff members.
Group CEO Lawrence Nyazema said the bank started restructuring in October 2024 to match its strategy with current business needs. The changes aim to improve operations and secure the company's future.
"By adapting to the changing environment, we aim to position the organization for continued growth and success in a competitive market," Nyazema said in a statement.
The restructuring concluded on January 31, 2025. The latest round of cuts affected 347 positions out of the bank's total workforce of 1,448 employees.
Nyazema expressed gratitude to the departing staff members and pledged support for their transition and access to resources for their next career steps.
The bank's modernization reflects broader changes in Zimbabwe's financial sector, where digital technology enables more streamlined operations with reduced personnel needs.
