Yes Bank, in an internal restructuring exercise, has laid off 500 employees, with more layoffs to come across different verticals, to cut operating...
Vous n'êtes pas connecté
Yes Bank, in an internal restructuring exercise, has laid off 500 employees, with more layoffs to come in the next few weeks, according to a report by The Economic Times. The private lender has let go of people across various verticals, from wholesale to retail, with the branch banking segment dealing with the most impact, according to the report. All employees, according to sources cited by The Economic Times, have been given three months of pay as severance. The move comes at a time when most private lenders are expanding their employee base and hiring. Yes Bank's internal restructuring exercise, at the advice of a multinational consultant has been done to primarily improve efficiency and reduce operating costs. Yes Bank's operating expenses had grown by 17 per cent last year. The private lender was spending Rs. 3,774 crore on its staff at the end of the last financial year. They had 28,000 employees at the end of financial year 2024 and assed 484 people in one year. 23,000 of this staff belonged to the junior management category. A spokesperson told ET that,“In our endeavour to be an agile, future-ready organisation which is leaner, faster, customer centric, and operationally efficient, we periodically undertake a thorough review of the way we operate and optimise our workforce.” They also added,“We are committed to delivering the best of our banking services to our customers and deliver the full potential of the bank to our stakeholders.” Yes Bank has previously undergone a similar exercise in 2020 when managing director Prashant Kumar took over with the support of the RBI to save the company from going under. At the time a lot of senior staff left the bank.
Yes Bank, in an internal restructuring exercise, has laid off 500 employees, with more layoffs to come across different verticals, to cut operating...
Yes Bank is aiming to reduce expenses by focusing on digital banking and minimizing manual processes. The ongoing restructuring initiative is also...
Fidelity Bank Plc started its N127.1 billion combined rights and public offers to a rousing support from the investing public as key capital market...
WorldStage Newsonline– Mr Moruf Oseni, Wema Bank’s Managing Director and CEO has iterated the bank’s resolve in retaining its Commercial...
The Board of Directors, Management and staff of the Bank of Cyprus express their sadness at the untimely death of our friend and partner, the senior...
According to filings in the Ontario Superior Court of Justice, another residential development has been placed under receivership. The vacant...
In a bid to enhance gains against internal and external threats of terrorism, insurgency, banditry and other criminal activities in the past 12...
The Caribbean, collectively, can offer businesses market access to over one billion people. Against this backdrop, Caricom chair and president of...
The Eid al-Adha holiday ends on Thursday, June 20 according to dates which set by the Cabinet and Labor Ministry for the public and private sectors,...
Winnett will stay at The Daily Telegraph, where he is the deputy editor, according to emails sent Friday to employees of the London-based newspaper...