ICICI Bank – To cut 1,200 jobs

ICICI Bank, the countrys largest private sector lender by assets, has let go 1,200 of its staffers, and a few hundred may be on their way out as part of an exercise to cut flab, two people familiar with the development said.

The retrenchment of staff across the board – from general managers to junior officers – is intended to improve efficiency at the bank as it competes with rivals such as HDFC Bank that enjoy a premium with investors.

“The redundancies are due to restructuring,” said K Ramkumar, executive director and head of human resources at ICICI Bank.

via ICICI Bank axes 1,200 of its staffers across board to improve efficiency – The Times of India.