Zimbabwe’s First Capital Bank Seeks Approval to Cut 120 Jobs

(Bloomberg) -- Zimbabwe’s First Capital Bank, which was previously owned by London-based Barclays Plc, is seeking permission from the country’s labor court to cut about 120 jobs from its 700-strong workforce, a union official said on Wednesday.

“Of the 120, they have indicated that 89 are non-managerial,” Peter Mutasa, president of the Zimbabwe Bank Allied Workers’ Union, said by phone from the capital, Harare. “We oppose the application as we feel they didn’t follow the proper procedures.”

FCB spokeswoman Emily Nemapare said she couldn’t immediately comment because the case is before the courts.

--With assistance from Brian Latham.

To contact the reporters on this story: Godfrey Marawanyika in Harare at gmarawanyika@bloomberg.net;Desmond Kumbuka in Harare at dkumbuka@bloomberg.net

To contact the editor responsible for this story: Alastair Reed at areed12@bloomberg.net

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