FINANCIAL services behemoth, CBZ Holdings Limited has announced the redundancy of 347 employees affected by a restructuring exercise that started last year.

During inception of the lay-off last year, 13 senior managers were sent packing from Zimbabwe's biggest financial services group.

Computerisation has enabled the financial services sector to operate effectively with a leaner workforce, thereby rendering some roles redundant.

In the latest development, CBZ group chief executive officer, Lawrence Nyazema said the bank was streamlining its workforce inorder to enhance operational efficiency, strengthen its market position and ensure long term sustainability.

"In October 2024, we undertook a restructuring exercise across our group of companies to better align our strategic direction with the evolving business landscape.

"This initiative has been a key component of our broader efforts to enhance operational efficiency, strengthen our market position and ensure long term sustainability," the CBZ boss said in a statement.

"By adapting to the changing environment, we aim to position the organisation for continued growth and success in a competitive market.

"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," said Nyazema.