HARARE – CBZ Holdings has announced plans to lay off some staff, with 13 top managers headed for the chop beginning next month under a watershed company restructuring exercise as it battles recurrent economic pressures.
A company statement said Friday the planned process would affect all companies under the blue-chip financial institution’s integrated business empire.
“CBZ Holdings is embarking on a restructuring exercise across its group of companies, aimed at aligning the Group’s strategic thrust with the evolving business environment,” a company statement endorsed by CBZ Holdings Group Chief Executive Officer, Lawrence Nyazema.
“This move is part of our broader efforts to strengthen our market position and ensure long-term sustainability in our dynamic market,” read the statement.
The first phase, according to the company, will target company executives “resulting in the departure of thirteen (13) senior executives”.
“The executives will go on garden leave starting 1 October 2024, with mutual termination of their contracts expected by 31 December 2024,” the company said.
CBZ said the process was in line with efforts to fulfil its obligations and delivering high-quality service to its customers.
The company added, “By streamlining our operations, managing costs effectively, and sharpening our strategic focus, we are better positioned to serve our clients and stakeholders more efficiently.
“We are committed to continually improving our business processes and adapting to the changing needs of the market to ensure continued growth and success.”
The Zimbabwe Stock Exchange listed company boasting the country’s biggest portfolio of assets and deposits has not been spared the harsh economic climate in a country that has experienced recurrent currency mayhem with government causing business discomfort through overplaying its hand in market controls.
The public’s confidence in the banking sector and monetary policies implemented by Zimbabwean authorities has diminished due to policy inconsistencies, resulting in a decline in bankers’ income and an increased reliance on non-interest income for banks.
