CBZ Lays Off 347 Employees in Restructuring Move

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CBZ Holdings Limited, a leading financial services company, has announced the layoff of 347 employees as part of a restructuring exercise that began last year.

In the initial phase of the layoff, 13 senior managers were dismissed from Zimbabwe’s largest financial services group.

With advancements in computerisation, the financial sector can operate efficiently with a leaner workforce, making certain roles redundant.

CBZ group chief executive officer, Lawrence Nyazema, explained that the bank is streamlining its workforce to enhance operational efficiency, strengthen its market position, and ensure long-term sustainability. He stated:

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“In October 2024, we undertook a restructuring exercise across our group of companies to better align our strategic direction with the evolving business landscape. This initiative has been a key component of our broader efforts to enhance operational efficiency, strengthen our market position, and ensure long-term sustainability.”

He continued, “By adapting to the changing environment, we aim to position the organisation for continued growth and success in a competitive market. We would like to confirm that we have now concluded the restructuring exercise as of 31 January 2025.”

“As part of the process, a total of 347 staff roles were impacted in the second phase of the restructuring out of a total staff complement of 1,448. We are deeply grateful for the contributions of all affected employees, and we are committed to supporting them during this transition and providing the necessary resources to assist in their next steps,” Nyazema added.

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Tags: CBZ, Restructuring, Workforce, Financial Services, Zimbabwe