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Zimbabwe’s biggest bank begins voluntary job cuts

Zimbabwe's largest bank has begun voluntary job cuts. Stock photo.
Zimbabwe's largest bank has begun voluntary job cuts. Stock photo.
Image: 123RF/taigi

Commercial Bank of Zimbabwe (CBZ), the country's biggest bank by deposits and asset base, has begun voluntary job cuts as a result of how the coronavirus pandemic has  changed the corporate landscape.

Group CEO Blessing Mudavanhu and chief human resources officer Nyasha Mutsai said most of the bank's work had transitioned to digital platforms and automation.

“As we venture into a new and changing business model and new ways of work, we will inevitably need to review our current structures and operations. We acknowledge that there are some colleagues among us who may not be willing or able to undertake this journey of change, and will want to take the opportunity to pursue other interests,” said a statement by CBZ.

Applications for voluntary job cuts opened on April 26 and run until May 18. After that the bank will consider, if needed, a retrenchment exercise starting from June 2021, it said.

More job losses are looming in the Zimbabwean banking sector, as banks are transitioning to digital. Last year more than 300 employees lost their jobs in the sector .


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