By A Correspondent
The financial struggles in Zimbabwe continue to worsen as the Commercial Bank of Zimbabwe (CBZ) reportedly retrenches a significant number of employees. A leaked internal memorandum reveals the depth of the bank’s ongoing restructuring efforts, although it stops short of directly stating the scale of the layoffs.
According to reports, employees affected by the retrenchment received their termination letters via email. The leaked information circular, dated February 1, 2025, sheds light on the bank’s approach to handling the situation, though it remains vague about the exact number of job cuts.
The circular, which was addressed to all staff members, reads: “As we approach the final stage of the Papillon Restructuring Project, we would like to take a moment to acknowledge all staff for your commitment to the process. We appreciate your patience during this time of transition. Change is not easy, and we recognise the impact this might have had on each of you.”
The bank’s communication also emphasizes the uncertainty facing employees, stating that “by end of day today, each staff member will receive a letter through email outlining the outcome of this exercise.” This indicates that employees were informed of their individual situations through the email distribution, with little room for in-person communication or direct discussion.
The bank assured its employees that “support will be available to help navigate the transition,” but it remains unclear what specific assistance will be provided. The circular also notes that more information will be forthcoming: “We will be providing additional information during the month of February 2025,” though this raises questions about the long-term plans and the future of the workforce.
In the face of Zimbabwe’s deepening economic crisis, CBZ’s move to reduce its workforce aligns with a broader trend seen in various industries across the country, where companies are struggling to stay afloat amid hyperinflation, currency instability, and a lack of foreign investment.
For now, the bank has urged staff members to reach out to their HR Business Partner for any further inquiries, but many employees are left grappling with the uncertainty of their job security.
As the restructuring process unfolds, the full impact on the bank’s operations and the broader economy remains to be seen. In the meantime, Zimbabweans continue to face mounting challenges as the country’s economic crisis intensifies.