Private banks cut 13,000 jobs as digital banking reshapes hiring
- ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank together reduced around 13,000 employees in FY26, even as they expanded branch networks.
- ICICI Bank saw the biggest workforce decline with 5,148 fewer permanent employees, followed by HDFC Bank with 3,343, Axis Bank with about 3,100 and Kotak with 1,269.
- The reduction is linked to digital banking, automation, slower replacement hiring and productivity improvements, rather than large-scale AI-driven layoffs.
- Banks are shifting employees from routine operations like document checks and transaction processing towards sales, relationship management, wealth services and specialised roles.
Source: ndtv.com
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