ICICI Bank axes 1,200 of its staffers across board to improve efficiency
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MUMBAI: ICICI Bank, the country's 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. "Every organisation should periodically renew itself and let go of people periodically. Otherwise, the organisation will decay."
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