Bank Jobs: Yes Bank Lays Off 500 Employees As Part Of Restrcturing Workforce, But Many PSU Banks Are Hiring

Bank Jobs: Private sector lender, Yes Bank has laid off as many as 500 employees as part of its restructuring workforce exercise. Not just that, expectations are that there could be more layoffs in Yes Bank.

A person aware of the development told the Economic Times that Yes Bank has launched an internal restructuring exercise at the advice of a multinational consultant. So far, around 500 have been asked to go and we can see more sackings in the coming weeks.

The layoffs took place in various verticals right from wholesale to retail, however, the branch banking segment was the most impacted. However, the sources told the news agency that the employees laid off were given severance pay amounting to three months' salary.

ET also confirmed that Yes Bank confirmed that they are looking to become operationally efficient by optimising its workforce.

This comes at a time when Yes Bank in its regulatory filing on June 25 said that the board of directors have approved borrowing/raising funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, bonds, Medium Term Note (MTN) etc. in terms of Section 42, 71 and other applicable provisions of the Companies Act, 2013 read with Rules thereunder, SEBI (Issue and Listing of Debt Securities) Regulations, 2008, the SEBI Listing Regulations and other applicable laws, if any, subject to necessary approvals from shareholders/ regulators, as applicable.

Yes Bank share price stood at Rs 24.02 apiece with a market cap of Rs 75,268.26 crore on BSE. The stock's 52-week high and low is at Rs 32.81 apiece and Rs 14.10 apiece as of June 25, 2024. YTD, the stock is up by 6.10%.

While Yes Bank has announced job cuts, there are banks who are still hiring especially PSU banks.

Banks Hiring:

1. National Housing Bank (NHB) Recruitment:

The National Housing Bank (NHB) have vacancies for 48 employees for various positions like General Manager, Assistant General Manager, Deputy General Manager, Chief Economist, and others. Online applications could be submitted from June 29 onward, which will end on July 19, 2024.

2. Bank Of Baroda Recruitment 2024:

This PSU bank is going to recruit up to 168 vacancies for positions such as Forex Acquisition & Relationship Manager, Credit Analyst, and much more. Interest candidates can apply online till July 2, 2024.

3. State Bank Of India Recruitment 2024:

SBI has announced hiring plan of 150 employees for the position of Trade Finance Officer (MMGS-II). Candidates can submit their application till June 27, 2024. The commencement for application was on June 7.

Last month, SBI announced that it is in the process of hiring about 12,000 employees. As per SBI's chairman Dinesh Khara, these new recruits will be given some exposure to the banking systems and then later on shifted towards roles like IT and other associate positions. Majority of the roles will be related to engineers in tech sector.

4. Kotak Mahindra Bank Recruitment 2024:

Kotak Mahindra Bank is planning the recruitment of 400 such professionals in 2024. With this hiring, Kotak plans to update its technology systems after RBI banned the onboarding of new customers via online and mobile banking.