Yes Bank Lays Off 500 Staff in a Reorganization Effort; Additional Job Cuts are Inevitable

By Consultants Review Team Wednesday, 26 June 2024

Private Lender  Yes Bank has fired hundreds of staff as part of its restructuring efforts. Layoffs occurred across many sectors, including wholesale, retention, and branch banking.

According to a report, Yes Bank has cut off at least 500 staff as part of its reorganization. According to the article, which cites various sources, more layoffs may occur in the following days.

Employees who were laid off were paid three months' salary as severance pay. According to a spokeswoman, they hope to become more operationally efficient by optimizing their staff. The layoffs were carried out on the recommendation of an international consultant, according to a source familiar with the matter. 

Private Lender According to reports, Yes Bank has fired off hundreds of staff as part of its restructuring efforts. According to reports, layoffs occurred across many sectors, including wholesale, retention, and branch banking.

According to a source, Yes Bank has cut off at least 500 staff as part of its reorganization. According to the article, which cites various sources, more layoffs may occur in the following days. 

Employees who were laid off were paid three months' salary as severance pay. According to a spokeswoman, they hope to become more operationally efficient by optimizing their staff. The layoffs were carried out on the recommendation of an international consultant, according to a source familiar with the matter. 

The lender underwent a similar procedure in 2020 when current managing director Prashant Kumar took control, following the Reserve Bank of India's intervention, which saved the bank from failure. 

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