Axis Bank Disregards 100 Senior Staff Layoffs, Calls it a Regular Practice

According to a media outlet, Axis Bank has confirmed that certain workers were asked to leave because of performance-related concerns, stating that this was a normal evaluation procedure for the institution.

 The lender in the private sector was responding to news that over 100 top staff members had been asked to resign. According to Amitabh Chaudhry, MD of Axis Bank, the bank does a thorough review cycle at the conclusion of every fiscal year, just like any other organisation.

A Regular Practice in Banking Sector: Chaudhry

During the release of the bank's Q4 results, Chaudhry stated that while many staff receive rewards and promotions, some may perform poorly, which could result in challenging discussions.

The banking sector have a variety of difficulties; some companies are doing well, while others are struggling. The bank still makes significant investments in various sectors, although withdrawals are occasionally unavoidable based on individual performance. This is a typical occurrence in our yearly cycle.

Axis Bank's fiscal fourth quarter earnings report, which was announced on April 24, showed a profit of INR 7,117 crore, up from INR 7,130 crore in the same quarter of FY24.

The slower growth in other income had an effect on this. From INR 13,089 crore in the same time last year to INR 13,811 crore in Q4, net interest income increased by 6%.

Axis Bank has announced a final dividend of 50%, or INR 1 per share at a face value of INR 2, in addition to releasing its financial results for the January–March 2025 period.

According to the bank, this would need shareholder approval at the upcoming annual general meeting. Axis Bank has set July 4 as the record date to decide who will be entitled to collect the INR 1 dividend per share.

Layoff has Become a Common Scenario in 2025

With big companies like Google, Microsoft, and others continuing to reduce their workforces, layoffs in the tech sector are not expected to halt in 2025.

Companies are still cutting employees in an effort to simplify operations, save money, and emphasise automation and artificial intelligence, even though these figures are much lower than the major layoffs that occurred between 2022 and 2023.

Layoffs.fyi, a website that tracks layoffs in the industry, reports that 93 organisations have laid off nearly 23,500 tech workers so far this year, and the number is still growing. Google and Microsoft are apparently contemplating a new round of layoffs, according to the most recent job reduction reports.

According to reports, AI-led restructuring and performance-based terminations are part of the corporations' goals to increase the effectiveness of their personnel.