Yes Bank will restructure internally and lay off 500 workers in order to save costs.
In an internal reorganization effort, Yes Bank has let go of 500 workers; additional layoffs will occur across various verticals in order to reduce operational costs.
The Economic Times cites sources stating that all employees received three months' salary as severance. The majority of private lenders are adding more people and growing their staff at the same time as this move.
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The primary goals of Yes Bank's internal restructuring initiative, which was carried out on the recommendation of an international consultant, were to increase operational efficiency and lower expenses.
The operational costs of Yes Bank increased by 17% in the previous year. By the end of the previous fiscal year, the private lender was spending Rs. 3,774 crore on personnel. By the end of the 2024 fiscal year, they employed 28,000 individuals, having hired 484 new hires in just one year. twenty-three of
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