Axis Bank has terminated more than 50 mid-level managers as it restructures its business and cuts cost under a new chief executive. As executive vice-presidents and vice-presidents, the affected officials led various supervisory functions in corporate and retail banking.
These roles became redundant after the new CEO reviewed the business, and the lender could not find suitable jobs for them in the hierarchy, two people familiar with the bank’s staff reorganization told media. The exact number of executives retrenched could not be independently ascertained.
“There has been an overhaul of the business and some mid-level people could not find space in the new scheme of things. They have been told to find another job. This has rattled many old-timers in the bank,” said a person familiar with the reorganisation.
Axis Bank, replying to media’s queries, said in a mail that changes are afoot at the bank to raise ‘productivity and efficiency’. The lender did not refer specifically to the jobs lost, saying instead that manpower reduction was not central to its reorganisation plans.