Yes Bank took steps to reduce costs, 500 employees lost their jobs

There is bad news for the employees of Yes Bank, one of the leading private sector banks. This private sector bank has sacked hundreds of its employees and ordered them to leave their jobs. Such a claim is being made in some reports.

This figure may increase in the coming days.
According to a recent report by ET, Yes Bank is considering cost-cutting measures and as a part of this, the bank has resorted to layoffs. Quoting several people involved in the matter, the report says that Yes Bank has ordered at least 500 layoffs as part of restructuring measures. It is likely that the bank may lay off more employees in the coming days.

Employees have received 3 months salary
The bank has given a relief package equivalent to 3 months' salary to the dismissed employees. It is being said that this layoff is going to have the biggest impact on branch banking because most of the employees have been fired from this segment. However, this layoff has affected almost all sectors from wholesale banking to retail banking.

On the suggestion of a multinational consultant, Chanti
The bank hired a multinational consultant to reduce costs. As per the consultant's suggestion, the bank has started the work of internal restructuring. Currently, the bank has asked 500 people to leave their jobs. The round of layoffs may continue in the coming days and additional employees may also be shown the way out.

The cost of banks has increased a lot
To reduce costs, Yes Bank is increasing its focus on digital banking, so that the need for manual intervention is reduced. By doing this, the bank's dependence on employees will be reduced. Yes Bank's costs have increased rapidly in the last few years. In the last financial year alone, the cost has increased by about 17 percent. Meanwhile, the bank's expenditure on employees has increased by more than 12 percent.