Nearly 15,000 Axis Bank staffs have resigned in the past few months. The private sector banker is hit by a surge of resignations as the middle and branch-level executives find it hard to cope with the new management’s rejigging of organizational formation.
Amitabh Chaudhry, who has joined Axis Bank from HDFC Life, is also drawing in a set of officials from other organizations to strengthen his team and to achieve his plans for the bank moving ahead. Some of the new selections in Axis Bank add Deepak Maheshwari, a former banker from HDFC Bank; Neeraj Gambhir from Nomura Securities; Ganesan Sankaran from Federal Bank and Pralay Mondal from Yes Bank, to encourage retail business. In some regional reorganization, Rajiv Anand, an administrative director, has been transferred to corporate banking.
The bank has 72,000 workers and 11,500 had resigned in the last fiscal year alone.
This flow of resignations is suspected to hit the bank vigorously as branch-level employees manage customers on a daily basis. Many went out as they struggled to cope with the latest management’s sheer growth objectives, the paper wrote.
Calling the operators “our most important asset and differentiators” executive manager Rajesh Dahiya added that the bank is growing fast. He said that this has been that time of the year which pushed a huge number of new hirings, considerably, greater numbers compared to last year both in total as well as on net basis
The outlets have been at the senior level and in huge numbers at the department level. Newpaper cites one executive as stating that many are dropped wondering what their functions are amid the overhaul in the firm and the social change is creating discomfort in some old-timers.
The executives at the bank itself are endorsing these moves and the report put out by them in reply to this huge rate of reduction is that the numbers may be insignificantly higher but not so disturbing. The rate of erosion this year has been 19% while the proportion is around 15%.
The reforms led to many exits including the latest one by Jairam Sridharan as the main financial officer. Before that, Shashikant Rathi, it’s head of bond selling, and JP Singh from the investment banking group quit. Cyril Anand, who was the chief risk manager, took the representative retirement option. The bank is also going liberal on industrialization and making use of artificial intelligence to accelerate growth, which is causing many of the old timers nervous. Among the new hiring, the push is towards engineers rather than bankers.