Steward Bank cuts off 100 contract jobs

Staff Writer

LEADING financial services provider ,Steward Bank has immediately cut off 100 contract jobs amid plans to lay off more workers.

A source at the bank told The Humanitarian Post  that the exercise is in line with the employer’s job rationalisation strategy following the adoption of technology which has rendered physical jobs useless.

“Around 100 contract jobs which were being provided through labour broking have been immediately cut off. I am reliably informed that more workers will soon lose their jobs,” she said.

Zimbabwe Banks and Allied Workers Union secretary general , Peter Mutasa confirmed the development but could not predict the exact magnitude of the impending exercise.

“I can confirm that the bank has embarked on a retrenchment exercise but we are yet to get the finer details. All can for say for now is that we are still in the process of engaging the authorities,” he said.

However, the bank has issued a statement on the developments in line with the new core model.

“Following the successful deployment of our new core banking, additional automation of our banking processes and the investments we continue to make in our digital transformation journey, Steward Bank has embarked on a retrenchment exercise to rationalize its staffing levels,” said the company in a statement.

The bank said its investments in technology have necessitated the optimization of the organizational structure hence the need to reduce staff numbers consistent with “our changed operating model.

“The bank is consulting with all the affected employees, together with the works council, to ensure clarity and transparency in the process and to, as much as possible, mitigate the impact this change will have on the affected staff,” it said.