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

Pedestrians walk by main streets in the Harare's Central Business District.

Pedestrians walk by main streets in the Harare's Central Business District.

Photographer: Jekesai Njikizana/AFP via Getty Images

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.”