The staff strength of Axis Bank has declined by approximately 3000.
Managing director and chief executive officer Amitabh Chaudhry said the trend of headcount optimisation is a natural outcome of the bank’s long-term focus on digital transformation.
This means that technology is leading to job losses. The work previously done by employees is now being handled by automation.
He said that investments in technology over the past few years are now improving operational efficiency and employee productivity across the organisation.
The bank’s workforce declined to around 1.01 lakh employees in FY26 from 1.04 lakh in the previous fiscal year, marking a reduction of roughly 3,000 employees.
The staff strength decreased though the bank opened 400 new branches.
Axis Bank has consistently allocated between 9 per cent and 10 per cent of its operating expenditure towards technology over the past three to four years.
In another update, Axis Bank is involved in a big controversy. A former manager of Axis Bank in Indore has accused senior officials of physical, mental, and financial fraud. The victim appealed for justice by submitting an application to the collector. Click here to read this news.
