By ETimes
HARARE – CBZ Holdings has concluded a restructuring exercise that impacted 347 staff roles out of its workforce of 1,448.
The initiative, which began in October 2024, aimed to enhance operational efficiency and long-term sustainability.
“This initiative has been a key component of our broader efforts to enhance operational efficiency, strengthen our market position and ensure long-term sustainability,” Lawrence Nyazema, CBZ Holdings group chief executive officer said in a statement.
While CBZ describes the restructuring as a strategic realignment, job losses have raised concerns about employee welfare.
The financial service group has pledged support for affected staff.
“We are deeply grateful for the contributions of all affected employees, and we are committed to supporting them during this transition and providing the necessary resources to assist in their next steps.”
As CBZ Holdings positions itself for the future, the market will be watching to see whether the restructuring delivers the intended benefits or if the human cost outweighs the financial gains.
For the nine months ending September 30, 2024, CBZ Holdings reported a profit after tax of ZiG1,01 billion.
CBZ Holdings posted a net income of ZiG2,6 billion, mainly driven by net interest income of ZiG880,02 million and a loan portfolio of ZiG8,90 billion, showcasing its dedication to maintaining high-quality assets.