HARARE – CBZ Holdings Limited, Zimbabwe’s biggest financial services group, announced the layoff of 347 employees, representing 24 percent of its workforce, as part of a major restructuring initiative.
The company confirmed the job cuts in a statement released on February 1, 2025, affecting staff across its operations. The reductions bring total staffing down from 1,448 employees.
Group CEO Lawrence Nyazema said the restructuring, which began in October 2024, aims to strengthen the bank’s market position and long-term sustainability.
“We are deeply grateful for the contributions of all affected employees, and we are committed to supporting them during this transition,” Nyazema said in the statement.
The company pledged to provide support resources to laid-off workers, though specific details of severance packages were not disclosed.
CBZ Holdings completed its restructuring on January 31, 2025, describing the move as essential for adapting to Zimbabwe’s evolving financial sector and maintaining competitiveness.
The job cuts come as Zimbabwe’s banking sector faces increasing pressure to digitize operations and reduce costs amid economic challenges.
