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Jayant Mundhra
•
Dexter Capital Advisors • 1y
Imagine a bank hiring 500 people, and laying off way more than that next year 📛📛 It’s very very uncommon. And yet here we are! .. What has happened? -> YES BANK has laid off about 500 people with a three-month severance pay, and more layoffs might follow -> The bank is looking to reorganise functions and optimise wherever it can reduce manual interventions And thus, the big move to save costs. .. The bank employs some 28k people. -> Thus, this layoff brings down the headcount by at least 2% or so -> And in the following quarters, that could surely be reflected in the bank’s operating margins. Thus, good for the bank, however bad it may be for the families of the affected 📛📛 .. Meanwhile, let’s think of it another way. -> Last year was a landmark year in the history of the Indian banking industry -> The employee headcount of the private sector banks had surpassed that of the public sector banks -> And going by all accounts, the headcount of Govt banks is expected to keep shrinking, while that for private ones keeps growing .. What am I trying to emphasise? The layoffs by Yes Bank are a one-off case and not something one should correlate with private sector banks wholly. Private banks remain net job creators in the industry, while public sector banks, not so much. And the gap between them is only growing! Important to remember that, right?
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