Zimbabwe’s biggest bank to cut staff as Covid-19 forces rethink

accreditation
0:00
play article
Subscribers can listen to this article
(iStock)
(iStock)

Zimbabwe’s CBZ Bank, the country’s biggest lender, has begun voluntary job cuts as it deals with the fallout from the coronavirus pandemic on the corporate landscape.

The bank needs to review its structures and operations to adapt to new ways of working, according to a memo from group Chief Executive Officer Blessing Mudavanhu and its chief human resources officer, Nyasha Mudavanhu.

"The manner in which we reach serve and provide solutions to our customers and clients has changed significantly - most of our work has transitioned to digital platforms and automation has become key," according to the letter to all employees confirmed by the group.

Applications for the voluntary program will be open from April 26 to May 18. After that, the bank may consider a retrenchment starting from June should it be needed, it said in the statement.

The southern African country has 20 registered banks including units of Nedbank, Standard Chartered, Standard Bank. Most local lenders have cut jobs over the past three years, according to Zimbabwe Bankers Allied Workers Union.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
13.78
-0.3%
Rand - Pound
19.44
-0.2%
Rand - Euro
16.70
-0.3%
Rand - Aus dollar
10.63
-0.3%
Rand - Yen
0.13
+0.2%
Gold
1,865.95
-0.6%
Silver
27.84
-0.3%
Palladium
2,755.00
-0.9%
Platinum
1,168.39
+1.5%
Brent Crude
72.69
+0.2%
Top 40
61,654
+0.3%
All Share
67,942
+0.3%
Resource 10
65,584
-0.3%
Industrial 25
88,227
+0.7%
Financial 15
13,721
+0.6%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Have you noticed a difference in the voices of women compared to men in virtual meetings?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, there is a difference.
23% - 39 votes
No, I haven't noticed it.
66% - 111 votes
A bad internet connection worsens it.
10% - 17 votes
Vote