Axis Bank, one of India's leading private sector banks, has recently let go of around 100 senior employees following its annual performance appraisal cycle. Addressing the matter, Managing Director and Chief Executive Officer Amitabh Chaudhry described the layoffs as part of routine business practices, dismissing concerns that they indicated broader organisational stress, LatestLY reports.
Chaudhry explained that Axis Bank conducts detailed evaluations at the end of each financial year, rewarding high-performing employees with promotions and incentives. Conversely, those who failed to meet performance standards were asked to leave, as part of what the bank terms a regular human resources exercise.
The layoffs, he stressed, were not an unusual occurrence and were solely linked to individual appraisals, not industry-wide turbulence.
During a recent address on the bank’s Q4 FY25 performance, Chaudhry responded to speculation about the removal of senior employees, confirming that a section of the workforce had indeed been asked to leave based on performance metrics, LatestLY noted.
The development comes amid broader turbulence in the banking sector. Late March saw HSBC implement layoffs affecting senior staff and vice-presidents, while Yes Bank also carried out cuts among its senior executives this year as part of a larger restructuring effort. Even outside India, major institutions like JP Morgan Chase have enacted job cuts in the United States.
While acknowledging industry-wide challenges, Chaudhry underscored that Axis Bank remains committed to strategic investment across key areas. However, he reiterated that continued employment would depend on individual contributions, making some level of attrition inevitable.
