News: ICICI bank axes 1,200 of its staffers

Strategic HR

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.

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.

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Topics: Strategic HR, #Current, #Corporate

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