Axis Bank Layoffs Coming? CEO Amitabh Chaudhry Replies

Axis Bank Ltd. plans to leverage artificial intelligence and technology investments to drive business growth without increasing its workforce at previous rates, pointing toward a period of slower hiring for India’s third-largest private lender.

Technology-Driven Productivity and Headcount

Axis Bank has already begun realising productivity gains from its ongoing technology push. The lender opened approximately 400 branches during fiscal 2026, even as its net headcount dropped three per cent compared to the previous year. Axis Bank Cuts Workforce by 3,000 in FY26 As Technology Boosts Productivity.

The bank closed out the fiscal period ending in March with a total workforce exceeding 101,000 employees. “Our hope is that, at least to start with, there is no need to continue to increase the headcount at the same pace as before,” Chief Executive Officer Amitabh Chaudhry said in an interview with Bloomberg Television, reports Bloomberg.

The bank's cost-to-assets ratio improved by 18 basis points over the last fiscal year, signalling that the institution is successfully generating increased business relative to its asset base with fewer personnel. Chaudhry noted that the bank may be able to maintain roughly flat headcount levels while achieving steady business growth.

Industry-Wide AI Adoption

Global financial institutions are similarly accelerating artificial intelligence integration and evaluating its long-term workforce impact. Executives at institutions including JPMorgan Chase & Co., Citigroup Inc., and Standard Chartered Plc have noted that automation will eventually reduce demand for specific roles while enhancing overall output. JPMorgan CEO Jamie Dimon stated that the technology will eliminate jobs, while Citigroup CEO Jane Fraser indicated certain roles will no longer be required. Goldman Sachs Group Inc. President John Waldron previously characterised traditional tasks as a “human assembly line” primed for automation. Tech Layoffs Surge as Uber, PayPal, and Apple Cut Jobs; Check Numbers of Affected Employees.

Job Security and Workforce Evolution

Axis Bank intends to leverage a combination of technology, natural employee attrition, and internal role redeployment to sustain expansion. “I don’t think any employees will be let go,” Chaudhry said, excluding departures tied to individual underperformance. As artificial intelligence advances, Chaudhry added that new job functions distinct from current roles will emerge, requiring staff to adapt to modern platforms.

“If they do, it will improve their jobs and career prospects,” he said. In separate remarks, Chaudhry noted that substantial foreign currency deposit inflows currently sitting in Indian banks are expected to be deployed over the next two to three quarters as domestic credit growth picks up pace.

(The above story first appeared on LatestLY on Sep 10, 2026 08:45 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).