CBZ Holdings, one of Zimbabwe’s largest financial institutions, has concluded a restructuring exercise resulting in the loss of 347 jobs, the company announced in a press release today.
The move, part of a broader strategy to enhance operational efficiency and bolster its market position, marks the second phase of a restructuring initiative launched in October 2024.
The restructuring affected 24% of the group’s 1,448-strong workforce, with impacted roles spanning multiple departments.
CBZ Holdings acknowledged the “difficult but necessary” decision, expressing gratitude to departing employees for their contributions and pledging support during the transition, though specifics of severance packages were not disclosed.
Group CEO Lawrence Nyazema said the restructuring is critical to aligning the company with “evolving business trends” and ensuring long-term sustainability.
“These changes position us to remain competitive while continuing to deliver excellence to our stakeholders,” Nyazema said
The announcement has sparked mixed reactions, with concerns mounting over the economic climate and corporate accountability.
While CBZ insists the overhaul strengthens its operational framework, critics question the human cost of such efficiency drives.
The restructuring follows a wave of similar corporate shake-ups across Zimbabwe’s financial sector, as institutions grapple with economic headwinds and digital transformation.
