• Source:JND
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Yes Bak Layoff:  As per media reports, in its restructuring effort, private sector lender Yes Bank has laid off 500 workers across various verticals ranging from wholesale to retail, while the branch banking segment was most affected. A report in the Economic Times, quoting sources, said that Yes Bank is likely to cut jobs further in the coming days. The sacked employees will be given a three-month severance package, according to ET.

As per the report, The employees who have been laid off, are given a severance pay of three months’ salary. A bank spokesperson said that they aim to become operationally effective by optimizing the workforce. Media reports are suggesting that the layoffs were done on the advice of a multinational consultant.

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Meanwhile, Yes Bank stock closed flat at Rs 24.02 on Tuesday, compared to its previous close of Rs 23.95 on BSE. The bank's market capitalization stood at Rs 75,268 crore.

Yes Bank is reportedly looking to reduce costs by moving to digital banking and cutting back on manual intervention. This comes as the lender's staff expenses increased by more than 12% between the fiscal years 2023 and 2024. The expenses increased from Rs 3,363 crore at the end of FY23 to Rs 3,774 crore at the end of FY24.

The lender went through a similar exercise in 2020 after current managing director Prashant Kumar took over, following the Reserve Bank of India's intervention that saved the bank from collapsing.

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