Yes Bank Layoffs: There is apprehension in the news that after laying off about 500 people, Yes Bank may lay off more employees in the coming days…
There is bad news for the employees of Yes Bank, one of the leading private sector banks. This private sector bank has laid off hundreds of its employees and ordered them to leave. Such a claim is being made in some reports.
Figure may increase in the coming days
According to a recent report by ET, Yes Bank is looking at measures to reduce its costs and as a part of this, the bank has resorted to layoffs. The report quotes several people associated with the matter as saying that Yes Bank has ordered at least 500 employees to be laid off as part of restructuring measures. There is a possibility that the bank may lay off more employees in the coming days.
Employees get 3 months’ salary
The bank has given a relief package equal to 3 months’ salary to the employees who have been laid off. It is being told that this layoff is going to have the biggest impact on branch banking because most of the employees have been laid off from this segment. However, this layoff has affected almost all verticals from wholesale banking to retail banking.
Layoffs on the suggestion of a multinational consultant
The bank had hired a multinational consultant to reduce costs. As per the consultant’s suggestion, the bank has started the work of internal restructuring. Right now the bank has asked 500 people to leave their jobs. The round of layoffs may continue in the coming days and additional employees may also be shown the way out.
The cost of the bank has increased so much
To reduce costs, Yes Bank is increasing its focus on digital banking, so that the need for manual intervention is minimized. By doing this, the bank’s dependence on employees will be reduced. In the last few years, Yes Bank’s cost has increased rapidly. In the last financial year alone, the cost has increased by about 17 percent. The bank’s expenditure on employees has increased by more than 12 percent during this period.
