Indian private sector bank ICICI Bank has eliminated 1,200 jobs across various banking divisions to improve efficiency.
Two people familiar with the development were quoted by the Economics Times as saying that the lender has eliminated staff across the board, including general managers to junior officers.This is due to restructuring of the business.
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ICICI Bank executive director and head of human resources K Ramkumar said, "Every organisation should periodically renew itself and let go of people periodically. Otherwise, the organisation will decay."
ICICI Bank has a workforce of approximately 70,500 people on its rolls.
As per the job cut plan, nearly 3% of the total workforce may be impacted, though the job cuts would be staggered over three to six months, the sources added.
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