Covid-19: Zimbabwe’s top Bank cuts staff

Zimbabwe’s CBZ Bank Ltd., 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.

Bloomberg/Hauwa Abu