Axis Bank has asked more than 50 mid-level managers to leave as it looks to restructure its business as well as make it more cost-effective. The restructuring comes under a new chief executive, who has been reviewing the business. The affected employees include executive vice-presidents and vice-presidents among others who led multiple supervisory functions in their corporate and retail banking.
According to a report in The Economic Times, these jobs became redundant after the review, following which the company could not find suitable roles for the affected in the hierarchy. A person in the know told the daily that they have been asked to find new jobs.
Axis Bank told the daily that changes in the structure were afoot in the structure of the bank to raise "productivity and efficiency". It also added that reduction of manpower was not central to its restructuring plans. Executive Director, corporate centre, Rajesh Dahiya told the daily that the bank had been working on streamlining processes and simplifying the overall organisational structure. He added that few employees opted for early retirement due to these changes but the bank had no plans to trim the workforce.
Amitabh Chaudhry took over as CEO in January and has brought in some changes in the structure of the organisation. Their business strategy has also been changed to make it low-risk, high-growth oriented. Just over a week ago, the lender opened its 4,000th branch. The new branch at Pune's Kharadi was inaugurated by the new CEO. "The bank has added 297 branches in the current fiscal across India," the lender had said in a statement.