More pain of job loss awaits employees of Dhanlaxmi Bank. As the Kerala-based private bank moves ahead with business consolidation and rationalisation, more heads are expected to roll.
Already, the staff strength of the Thrissur-headquartered bank has come down to a little over 4,200 from 4,600 in November last year, as more than 300 employees have moved out. More exits were expected, chief executive officer P G Jayakumar said on Monday. “We do not need this much staff. Some rationalisation will happen,” he told reporters here.
Of 4,200 employees, about 1,500 are already on the pay structure of the Indian Banks’ Association (IBA). The remaining 2,700 are on market-linked wages. From this lot, 700-800 have opted for the IBA pay structure.
Jayakumar said the bank was conducting a branch-wise manpower requirement study. “The picture will become clear in five to 10 days,” he said, but declined to elaborate on how many more could lose jobs from such a procedure.
With rapid expansion of branches and increase in headcount, the 1927-founded bank’s cost-to-income ratio stood at 140 per cent at the end of December 2011…
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