HARARE
–
CBZ
Holdings
has
announced
plans
to
lay
off
some
staff,
with
13
top
managers
headed
for
the
chop
beginning
next
month
under
a
watershed
company
restructuring
exercise
as
it
battles
recurrent
economic
pressures.
A
company
statement said
Friday
the
planned
process
would
affect
all
companies
under
the
blue-chip
financial
institution’s
integrated
business
empire.
“CBZ
Holdings
is
embarking
on
a
restructuring
exercise
across
its
group
of
companies,
aimed
at
aligning
the
Group’s
strategic
thrust
with
the
evolving
business
environment,”
a
company
statement
endorsed
by
CBZ
Holdings
Group
Chief
Executive
Officer,
Lawrence
Nyazema.
“This
move
is
part
of
our
broader
efforts
to
strengthen
our
market
position
and
ensure
long-term
sustainability
in
our
dynamic
market,”
read
the
statement.
The
first
phase,
according
to
the
company,
will
target
company
executives
“resulting
in
the
departure
of
thirteen
(13)
senior
executives”.
“The
executives
will
go
on
garden
leave
starting
1
October
2024,
with
mutual
termination
of
their
contracts
expected
by
31
December
2024,”
the
company
said.
CBZ
said
the
process
was
in
line
with
efforts
to
fulfil
its
obligations
and
delivering
high-quality
service
to
its
customers.
The
company
added,
“By
streamlining
our
operations,
managing
costs
effectively,
and
sharpening
our
strategic
focus,
we
are
better
positioned
to
serve
our
clients
and
stakeholders
more
efficiently.
“We
are
committed
to
continually
improving
our
business
processes
and
adapting
to
the
changing
needs
of
the
market
to
ensure
continued
growth
and
success.”
The
Zimbabwe
Stock
Exchange
listed
company
boasting
the
country’s
biggest
portfolio
of
assets
and
deposits
has
not
been
spared
the
harsh
economic
climate
in
a
country
that
has
experienced
recurrent
currency
mayhem
with
government
causing
business
discomfort
through
overplaying
its
hand
in
market
controls.
The
public’s
confidence
in
the
banking
sector
and
monetary
policies
implemented
by
Zimbabwean
authorities
has
diminished
due
to
policy
inconsistencies,
resulting
in
a
decline
in
bankers’
income
and
an
increased
reliance
on
non-interest
income
for
banks.