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Ruth Chipayi Business Reporter
ZB Financial Holdings is retrenching at least 300 employees by the end of this month in a restructuring exercise aimed at aligning its staffing levels with the current business out-turn.
ZB Financial Holdings group chief executive Mr Ron Mutandagayi said ZB Asset Management and ZB Securities had been closed as the first step of the restructuring process.

“The restructuring process began when we made the decision to close the first two units, ZB Asset Management and ZB Securities.

“It will be concluded at such a time when we have attained our targeted level of staff, however, we do not envisage the matter to go beyond October 31, 2014,” said Mr Mutandagayi.

Currently, the group’s staffing levels are at 1 200 and Mr Mutandagayi said the organisation’s capacity and its future business needs can be sustained by about 900 staff members and this will result in the laying off of 300 members of staff.

“We have taken a deliberate strategy to leverage on technology to achieve improved efficiencies which will result in the reduction of staffing levels.”

The Zimbabwe Banking and Allied Workers’ Union (Zibawu) general secretary Peter Gift Mutasa said ZB Bank has already started retrenching workers since last month.

“We heard that they started retrenching about a month ago on voluntary disengagement offer basis that was extended to staff and about 200 have already volunteered to go.

“However, we have not been formally informed about the compulsory disengagement scheme which will leave 100 people jobless.

“In the event that we are formally told through the proper channels, we are going to challenge that move,” he said.

Mr Mutandagayi said ZB will focus on cost optimisation through right sizing, which will affect short-term results but was expected to drive growth in the future.