Yes Bank lays off 500 employees in restructuring move: Report

Yes Bank has reportedly laid off at least 500 employees as part of a restructuring exercise, according to an Economic Times report.

The layoffs occurred across multiple sectors, including wholesale, retail, and branch banking.

According to sources told the ET, these layoffs are part of an ongoing effort to become more operationally efficient.

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The ET report further adds that affected employees have been given three months' severance pay.

This isn't the first time Yes Bank has undertaken such measures. In 2020, the bank conducted a similar restructuring after current Managing Director Prashant Kumar took over following the Reserve Bank of India's intervention to prevent the bank from collapsing.