ICICI bank axes 1,200 of its staffers

ICICI Bank, the country’s largest private sector lender by assets, has let go 1,200 of its staffers, and a few hundred may be on their way out as part of an exercise to cut flab, two people familiar with the development said. The retrenchment of staff across the board - from general managers to junior officers - is intended to improve efficiency at the bank as it competes with rivals such as HDFC Bank that enjoy a premium with investors. “The redundancies are due to restructuring,” said K Ramkumar, executive director and head of human resources at ICICI Bank.

Read the Economic Times news report here.