Mumbai, April 7: Yes Bank has initiated layoffs affecting its senior management team as part of restructuring efforts. The Yes Bank layoffs affected four senior executives as the private lender began simplifying its operations and improving its profit. The reports mentioned that the senior management team was informed about the Yes Bank layoffs via email, and the changes affected sectors like commercial banking, retail, and corporate.

The Yes Bank layoffs decision was taken to enhance the private Bank's operational efficiency and improve profitability. The employees received an internal email and were asked to leave the Bank immediately. Four people—Akshay Sapru, Dhaval Shah, Sanjiv Roy, and Pankaj Sharma—are affected. Fannie Mae Layoffs: US-Based Federal National Mortgage Association Lays Off 200 Telugu Employees for Misuse of ‘Matching Grants Programme’, Total 700 Affected.

The senior management executive, Akshay Sapru, was working as head of Affluent and Private Banking. Dhaval Shah was the Head of SME Banking, and Sanjiv Roy served as Head of Fee Business. Finally, Pankaj Sharma worked as a chief strategy officer. One employee said the senior executives were informed two to three days ago about the job cuts. Beyond these four individuals, the entire strategy team of Pankaj Sharma was also disbanded along with the digital banking division.

These units were under Pankaj Sharma's leadership but are now directly told to report to the Yes Bank's Managing Director and CEO Prashant Kumar, who also outlined in an internal communication about the Bank's new vision focusing more on the central role of brand banking in the customer management and driving future growth. Will AI Take Away Jobs and Trigger Massive Layoffs? Here’s What Elon Musk, Sam Altman, Sundar Pichai, Bill Gates and Satya Nadella Think About Impact of Artificial Intelligence.

The new changes in Yes Bank's restructuring will affect several units, according to reports, including liability product management, spectrum banking, private banking, micro-enterprise banking, and inbound call centre operations. All of these will be added to the branch's banking structure, directly reporting to Yes Bank's India Head of Brand Banking, Affluent and Institutional Banking, Dheeraj Sanghi.

(The above story first appeared on LatestLY on Apr 07, 2025 10:25 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).