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Yes Bank: 500 employees laid off in one go; many jobs are at stake

Ritul Pandey

By Ritul Pandey

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Yes Bank employees on strike

Big news has come out about private sector Yes Bank. There has been a huge reduction in staff in this bank. More than 500 employees have been shown the way out at once. This includes employees from various departments. Other employees may also be required in the coming time. The company has cut many jobs in the name of cost cutting. But the question why the bank suddenly took such a step is troubling many people.

Many people are affected by austerity policies

The 500 employees who have been laid off by Yes Bank have been given three months’ salary. According to a report by Business Today, more staff cuts will be implemented in the coming months. The bank’s list includes many names. Many departments have been affected by this move of Yes Bank. It is not clear yet whether this will affect banking services or not.

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Why cut staff?

According to reports, this reduction of employees in Yes Bank has been done as part of the restructuring process of Yes Bank. Cost cutting has been claimed in this. The bank is focusing on digital banking. While implementing the policy of cutting down on human services. The bank is experimenting with reducing operational costs. But this has affected many employees.

Its result will be seen in the stock market

The impact of the reduction in Yes Bank employees was seen on the stock market. By noon today, Yes Bank shares on NSE fell by 0.75 percent. The bank’s share closed at Rs 24.02. On Wednesday, banking shares opened with a positive trend. But at 10:15 am the stock started declining. At 2:14 pm, the stock was trading at Rs 23.83.

Note: This is only an accounting of the stock. Here is the performance of the stock. You should consult a certified investment advisor before investing. TV9 Marathi will not be liable to you for any such profit or loss. Be careful while investing in penny stocks. Check the fundamentals of the company. Do not fall into any misconceptions.

Ritul Pandey

Ritul Pandey

I am Ritul Pandey, a content creator focused on delivering entertaining and engaging news from the worlds of entertainment and sports

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