Yes Bank cuts 2,500 jobs as it moves to digitisation
The lender reduced its workforce by 10%, claiming it was part of their usual appraisal cycle.
Private lender Yes Bank has trimmed down its workforce by more than 10% because of digitisation, redundancy and performance problems, The Economic Times reported on Thursday. This means it has cut around 2,500 jobs.
“As part of the bank’s regular human capital management practices, to ensure higher productivity and improved efficiency, the bank undertakes some performance-linked actions on a periodic basis,” Yes Bank told the daily, adding that the move was part of the usual appraisal cycle.
Referring to the banking industry’s attrition rate of 16% to 22%, Yes Bank said: “These actions are not any different from those being pursued by other leading private sector banks...The bank is transforming with the aim to provide more autonomy and digitisation, and thereby greater productivity, cost efficiency and customer service. This will additionally aid in rationalising some redundancies.”
Till June, Yes Bank had 20,581 employees. It is the second private bank whose workforce has shrunk. HDFC’s workforce had reduced by nearly 7% between December 2016 and March 2017.