By Own Correspondent

A major jobs crisis is looming in the country’s  banking sector following the laying  off of 347 workers in line with the CBZ  group’s new business model.

Announcing the development recently, the bank said this was necessary to “enhance operational efficiency, strengthen our market position and ensure long term sustainability”.

CBZ said in October 2024, the bank undertook a restructuring exercise across its Group of Companies to align with the evolving business landscape.

It said the restructuring was done to enhance operational efficiency, strengthen market position and ensure long term sustainability.

“We would like to confirm that we have now concluded the restructuring exercise as of 31 January 2025.

“As part of the process, a total of 347 staff roles were impacted in the second phase of the restructuring out of a total staff complement of 1448.

“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,” wrote group chief executive officer Lawrence Nyazema.

Last year, CBZ laid off 13 senior executives as part of its restructuring drive.

Besides grappling with soaring economic costs, automation has also taken over processes within the financial services sector, making it possible for institutions to operate effectively with a leaner workforce.

The retrenchment of workers under the CBZ stable follows a similar depressing trend in which thousands of employees have found themselves jobless in major supermarket chains and other companies as the country’s economic crisis continues to cost jobs and livelihoods.