StanChart Zimbabwe set to lay off 36 workers

Standard Chartered Bank of Zimbabwe is set to lay off 36 employees this month owing to reduced returns stemming from a decline in lending and transactional volumes.

In a notice to retrench submitted to the Retrenchment Board, Stan Chart said its operation was experiencing an unsustainable cost base with staff costs accounting for 40% of total costs.

The layoff were necessitated by the need to achieve efficiencies in deployment of human capital and associated costs.