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StanChart Zimbabwe set to lay off 36 workers

by Staff reporter
15 Jan 2016 at 07:27hrs | Views

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. 

Source - Zim Ind