About 15,000 mid, senior level employees exit Axis Bank on organisational restructuring; lender hires 28,000 people this fiscal

About 15,000 employees of Axis Bank reportedly resigned from their jobs in the past few months after the private sector lender’s management embarked on operational restructuring, said a news report. The en masse exit of the employees from private sector lender Axis Bank in the fast few months is reportedly attributed to the new management’s growth drive which the mid and branch-level executives are finding it difficult to meet, said The Economic Times quoting sources. [caption id=“attachment_663736” align=“alignleft” width=“380”] Representational image. PTI[/caption] Though a few exits have been reported in the senior levels as well due to the restructuring of the operations, majority of the employees quit at the branch levels, the report said. “With the complete overhaul of the way the bank functions, many are left wondering about their roles. Many old-timers are feeling a bit of discomfort with the cultural change,” an executive of Axis Bank was quoted as saying in the report. Even as Axis Bank admitted that there were record resignations in the past few months, the private sector lender said that it already hired 28,000 employees during this fiscal. The bank said it would recruit 4,000 more people in the coming months, said a report in Business Today. Axis Bank is planning to hire 30,000 staff in the next two years, said the report. In September last year, Axis Bank had raised Rs 12,500 crore through qualified institutional placement (QIP) to fund business growth . The private sector lender is the second after Yes Bank to raise funds through QIP this year. Yes Bank mopped up Rs 1,930 crore through the route. — With PTI inputs