Axis Bank cuts about 3,000 staff citing tech upgrades
Business
Axis Bank has let go of about 3,000 employees this year, bringing its workforce down to 101,000.
The bank says these cuts are thanks to better productivity and efficiency from new tech upgrades.
CEO Amitabh Chaudhry explained that the move wasn't about targeting any specific teams, just a shift happening across all branches.
Axis Bank opens 400 new branches
Even with fewer staff, Axis Bank is still putting nearly 10% of its spending into technology for long-term growth.
AI is helping speed up work but hasn't replaced many jobs yet.
The bank also opened 400 new branches and kept profits mostly flat this quarter at ₹7,071 crore, while announcing a ₹1 per share dividend for FY26.