Yes Bank lays off- Private sector lender Yes Bank has reportedly laid off hundreds of employees in the process of restructuring. The layoffs have reportedly been done across multiple sectors, from wholesale to retail as well as branch banking sectors. Read full news…
Big news has come out about private sector Yes Bank. There is a large scale retrenchment in Yes Bank. The bank has fired more than 500 employees at once. Along with this, there is also news that the bank can retrench more people. The bank has given many reasons along with cost cutting behind this big retrenchment.
According to media reports, this layoff has been done in many sectors, ranging from wholesale to retail as well as branch banking sector. More such layoffs may happen in the coming days. The employees who have been fired have been given salary equivalent to three months’ salary.
Yes Bank is reportedly looking to cut costs by pivoting towards digital banking and reducing manual intervention. This comes as employee expenses for the lender have increased by over 12 per cent between FY23 and 2024. The expenses have increased from Rs 3,363 crore at the end of FY23 to Rs 3,774 crore at the end of FY24.
The lender had undertaken a similar exercise in 2020 after current managing director Prashant Kumar took over, following the Reserve Bank of India’s intervention that saved the bank from collapse.
