Breaking: First Capital Bank To Retrench 200 Workers

More than 200 workers at First Capital Bank are set to lose their jobs as the financial institution is embarking on a massive retrenchment exercise, 263Chat can exclusively reveal.

In a letter circulated to the “victims” on Friday, the bank said the process is part of a restructuring exercise and it pledged to continue supporting each affected member.

“The restructuring exercise is a significant change and the bank remains committed to assist (sic) each colleague through this process. The Human Resources Department has already communicated arrangements that have been put in place for support services that include counselling and financial advice.

“Such services will continue to be available to colleagues for some time until further notice.
Expert external consultants are involved and an off-site location to facilitate fr

ee access by all colleagues that would like to access the services, have been arranged,” reads part of the letter.

According to sources, most of the affected workers have been notified and some of them were shaken by the sudden announcement.

This comes barely a month after the workers threatened to go on a strike over low salaries as some were calling for the bank to consider the current economic situation.

First Capital Bank Head Corporate Affairs and Customer Services Emily Nemapare confirmed the development saying the move is part of the bank’s compulsory restructuring exercise.

“‘First Capital Bank Zimbabwe can confirm that some employees will be exiting the bank under a compulsory restructuring exercise. This has come on the back of a review of the operating model aimed at creating operational efficiencies. The exercise also seeks to respond to local and global trends impacting the banking industry.

Below is the letter sent to all affected employees.

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