Mumbai: Yes Bank, led by billionaire CEO Rana Kapoor, has cut about 12 per cent of its workforce to lower expenses and push technology amid an industrywide lending slump, said people familiar with the matter. In its first widespread reduction of jobs since it was founded in 2004, the lender cut about 2,500 roles, the people said, asking not to be identified as they aren’t authorised to speak to the media. Most of the cuts are in the bank’s sales team, the people said. The bank had 20,851 employees at the end of June, exchange filings show. The Economic Times newspaper earlier reported about the cuts.
Billionaire Kapoor’s Yes Bank is said to cut 2,500 jobs
Most of the reductions are in the bank’s sales team, according to sources