ZIMBABWE’S largest financial services group, CBZ Holdings (CBZH), has retrenched more than 100 employees as banks reel under the worsening economic environment, NewsDay can exclusively reveal.

The retrenchment exercise, which started early this month and is envisaged to continue until month end, could see the institution shedding additional jobs.

CBZH told NewsDay that the downsizing would help it contain mounting operational challenges and enhance its operational efficiency.

Apart from banking, the group operates insurance, asset management and risk advisory units.

“Following the re-organisation of the group and the subsequent implementation of a new business operating model, the organisation has had to retrench some employees in order to align to the re-designed structures.

“In summary, the reasons for the retrenchment are as follows; re-organisation and restructuring of the business, review of the business’ operating model to enhance efficiencies and cost efficiencies,” group executive marketing and corporate affairs, Matilda Nyathi said.Newsday