Yes Bank Layoffs: Private Sector Bank Lays Off Around 500 Employees in Cost-Cutting Move; Check Details
Yes Bank, one of India's leading private sector banks, has announced a major restructuring exercise that has resulted in the layoff of around 500 employees as part of a cost-cutting move to streamline its operations and improve efficiency.
New Delhi, June 26: Yes Bank, one of India's leading private sector banks, has announced a major restructuring exercise that has resulted in the layoff of 500 employees. As per reports, Yes Bank has laid off around 500 employees as part of a restructuring effort to cut costs, which could also lead to further job cuts in the coming weeks. The decision of layoffs is expected to be a part of the bank's cost-cutting measures to streamline its operations and improve efficiency.
As per a report of Economic Times, Yes Bank restructures its workforce and lays off 500 employees in a cost-cutting move. The layoffs are part of a cost-cutting initiative to optimise the bank's operations and the decision to lay off 500 employees reflects the bank's intention to achieve steady growth. The Yes Bank layoffs show the bank's efforts to reduce expenses and align its resources more effectively. The layoffs have affected various departments within the bank, indicating a broad approach to workforce management. Startup Layoffs: Bengaluru-Based ReshaMandi Lays Off 80% of Its Workforce Over Struggling To Secure Series B Funding.
Yes Bank has undertaken an internal restructuring process based on the recommendations of a multinational consulting firm, which has resulted in layoffs across various segments, including wholesale, retail and branch banking. Yes Bank has indicated that the goal of the restructuring is to improve operational efficiency to optimise its workforce. The bank's aim is to provide the best banking services to its customers and to maximise the capabilities of the organisation for its stakeholders. Meta Layoffs: Mark Zuckerberg Company To Lay Off Small Number of Employees, Plans to Divide Reality Labs Into Metaverse and Wearables.
The bank is reportedly considering a shift towards more digital banking operations in an effort to reduce costs. It is expected to involve a decrease in manual processes and human intervention. Additionally, the bank is undertaking a restructuring initiative, which is anticipated to help lower its operating expenses.
(The above story first appeared on LatestLY on Jun 26, 2024 09:08 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).