Axis Bank's Functional Overhaul Sees Massive Exit

The private sector lender Axis Bank is seeing massive resignations and this comes as the bank management pushes growth levels which are not being coped by mid and branch level executives at the bank, said three people with knowledge on the development.

Also, at the branch levels there were exits at the senior level which provide a direct interface with customers and hence there could be a dent on the bank's growth going forward. Nonetheless, there has been an increase in the pace of hiring by the private sector. "With the complete overhaul of the way the bank functions, many are left wondering about their roles," said one of the executives, who did not want to be identified. "Many old-timers are feeling a bit of discomfort with the cultural change."

So, despite resignation, net hiring this fiscal year with the hiring of addition 4000 workforce wil be 12800. Also, the bank plans on hiring 30,000 people in the next two years and thereby attrition at the bank currently comes at 19% in contrast to 15% on an average.

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