By 
CBZ Holdings, Zimbabwe’s financial institution, has laid off 347 employees as part of a major restructuring exercise that began in October 2024. The bank confirmed the conclusion of the process in a press release dated February 1, 2025, attributing the move to efforts to enhance operational efficiency, strengthen market competitiveness, and ensure long-term sustainability.
The restructuring saw 347 positions out of a total workforce of 1,448 being impacted in the second phase of the process. “By adapting to the changing environment, we aim to position the organization for continued growth and success in a competitive market,” said CBZ Group Chief Executive Officer Lawrence Nyazema in the statement.
The decision to trim nearly a quarter of its workforce comes amid Zimbabwe’s challenging economic conditions, characterized by rising inflation, currency instability, and declining consumer confidence. Businesses across various sectors are facing mounting pressure to remain viable, and CBZ’s move reflects the broader struggles companies face in balancing operational costs with growth objectives.
CBZ has expressed gratitude to the affected employees for their contributions and has committed to supporting them during this transition. “We are deeply grateful for the contributions of all affected employees, and we are committed to providing the necessary resources to assist them in their next steps,” Nyazema stated.
The layoffs come at a time when Zimbabwe’s financial sector is navigating turbulent waters. Inflation remains high, eroding consumer purchasing power, while exchange rate volatility continues to pose significant challenges for businesses. In such an environment, many firms have been forced to reevaluate their operational models, with some resorting to workforce reductions to manage costs.
CBZ’s restructuring initiative highlights the delicate balance companies must maintain between cost-cutting measures and maintaining stakeholder confidence. As one of Zimbabwe’s leading financial institutions, CBZ’s actions are likely to reverberate across the industry, signaling a continued trend of recalibration in response to economic pressures.
While the move may improve operational efficiency in the long term, it raises concerns about rising unemployment in a country already grappling with high joblessness. Analysts suggest that businesses like CBZ will need to find innovative ways to drive growth while minimizing the social impact of such decisions.
CBZ Holdings reiterated its commitment to its stakeholders, stating, “As CBZ Holdings, we remain fully committed to strengthening the organization for the future while continuing to serve our stakeholders with excellence.”
The banking giant’s restructuring strategy reflects the difficult choices Zimbabwean businesses must make in the face of economic uncertainty, underscoring the need for a stable macroeconomic environment to foster sustainable growth.
Comments