News: 15,000 employees resign as Axis Bank revamps strategy

#Hiring

15,000 employees resign as Axis Bank revamps strategy

About 15,000 employees have left the bank over the last few months which also includes mid and branch-level execs.
15,000 employees resign as Axis Bank revamps strategy

As the new management drive pushes for new growth, Axis Bank is seeing numerous resignations in the last few months. About 15,000 employees have left the bank over the last few months which also includes mid and branch-level execs. 

The exits at the senior level and those at the branches where in-person interactions between customers and bankers is crucial, could severely impact the growth of the bank, as reported by ET. 

However, Axis Bank continues its hiring spree at the same time with 28,000 new hires in this financial year up until now and plans underway to hire 4,000 more in Q4. Even though the attrition rate at the bank is at about 19 percent, the net hiring is 12,800 for the banking giant in FY 19-20. 

Amitabh Chaudhry, Chief Executive Officer, Axis Bank, is revamping the way the bank works and has hired Deepak Maheshwari from HDFC Bank, Neeraj Gambhire from Nomura Securities, Pralay Mondal from Yes Bank, and Ganesan Sankaran from Federal Bank. 

Rajesh Dahiya, Executive Director, Axis Bank, noted that the bank is expanding at a faster rate and has hired a higher number of people as compared to the previous financial year. 

Among the new hires, the attention has shifted towards recruiting more engineers who are adept at AI and automation, rather than the traditional roles of bankers.

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Topics: #Hiring, Recruitment

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