Retrenchment at CBZ Holdings Limited

A reduction in the workforce carried out under section 12C of the Labour Act, including notice to the works council or the employment council and the minimum retrenchment package.

verified

What happened, in plain words

Zimbabwe's largest financial services group cut 347 jobs out of a staff of 1 448, about a quarter of its people. The bank said the move was about efficiency, long term survival and adapting to more automated banking. It followed an earlier round in October 2024 in which 13 senior executives left. It was the biggest single banking sector job cut reported in the period.

347

People reported

31 January 2025

Date of the event

high

Confidence in the record

How the number was arrived at

Company restructuring figure, 347 out of 1 448 staff

Evidence

Field	Value
Source	ZimLive
Link	https://www.zimlive.com/cbz-lays-off-347-workers-under-its-restructuring-exercise/
Source last opened by the platform	Never checked
Evidence retrieved	20 August 2026
Fingerprint of the source page	Not taken. The page has not been read successfully.
Published by the source on	31 January 2025
Employer	CBZ Holdings Limited
Sector	Financial Services
Where	Harare, Harare
Status on this platform	verified
Counted in published figures	Yes

Group CEO Lawrence Nyazema quoted. Second phase of restructuring after 13 senior executives left in October 2024.

The rule this record had to meet

A reduction in the workforce carried out under section 12C of the Labour Act, including notice to the works council or the employment council and the minimum retrenchment package.

Evidence required: A named employer plus one of a company announcement, a regulatory or stock exchange filing, a Retrenchment Board record, or a union statement naming the process. The count must be attributable to a named party.

Read thisWorkforce events are a record of what a named and citable source reported. They are not a census of job losses or job creation in Zimbabwe. Many changes in employment are never announced, and small employers are almost never reported at all, so the picture here leans towards large employers, listed companies, the public service and unionised sectors. Read the evidence link on any event before relying on it.

As at 5 Oct 2026, 14:39. Method version unknown.