Private sector bank – Yes Bank has laid off four senior executives and reorganised several key business units, including retail, corporate, and commercial banking. This move is part of the bank’s broader strategy to streamline operations, improve efficiency, and boost profitability. The executives who were asked to step down with immediate effect include:
- Akshay Sapru – Head of Affluent and Private Banking
- Dhaval Shah – Head of SME Banking
- Sanjiv Roy – Head of Fee Business
- Pankaj Sharma – Chief Strategy Officer
According to the report, Pankaj Sharma’s strategy transformation team has been dissolved, and the digital banking division, which previously reported to him, will now report directly to MD & CEO Prashant Kumar. One of the executives told Mint, “We were informed of the decision only 2-3 days ago.”
What’s Changing?
In an internal email, CEO Prashant Kumar highlighted a renewed focus on branch banking as the core driver of the bank’s future growth. He stated:
“The branch will remain the fulcrum of our bank and one of the most effective touchpoints for reaching customers.”
As part of the new structure, several verticals will now come under the branch banking umbrella, including:
- Private banking
- Fee-based business
- Liability product management
- Micro-enterprise banking
- Spectrum banking
- Inbound call centre operations
These functions will now report to Dheeraj Sanghi, who has been designated as Country Head of Branch Banking, Affluent and Institutional Banking.
Corporate and Commercial Banking Overhaul
- The large corporate banking division, previously managed by two zonal heads, will now be headed by a single Country Head.
- The commercial banking segment, which primarily handles SME loans, has also been restructured.
Why It Matters
The restructuring appears to be part of Yes Bank’s efforts to:
- Cut costs
- Increase accountability
- Improve customer engagement through branches
- Strengthen focus on core banking operations
With increasing competition in the banking sector, YES Bank is trying to adapt itself in the new banking era. These changes in the business model of YES bank suggest that the Bank is trying all ways to improve its productivity.
