Private sector lender Yes Bank has laid off four senior executives and reorganised several of its business verticals, including retail, corporate and commercial banking, the Mint reported. The shake-up, aimed at streamlining operations and driving profitability, was communicated to employees via an email.
According to the Mint report, those asked to step down with immediate effect include Head of Affluent and Private Banking Akshay Sapru, Head of SME Banking Dhaval Shah, Head of Fee Business Sanjiv Roy and Chief Strategy Officer Pankaj Sharma. The strategy transformation team under Sharma has been disbanded and the digital banking division that reported to him will now report directly to Managing Director and CEO Prashant Kumar, the report stated.
“We were informed of the decision only 2-3 days ago,” one of the outgoing executives told Mint.
In the email to staff, Prashant Kumar emphasised the bank’s renewed focus on leveraging branch banking as the central driver of growth. “The branch will remain the fulcrum of our bank and one of the most effective touchpoints for reaching customers,” he wrote. As part of this strategy, several functions, such as private banking, fee-based business, liability product management, micro-enterprise banking, spectrum banking and inbound call centre operations, will now be integrated into the branch banking structure, reported Mint.
These units will report to Dheeraj Sanghi, Country Head of Branch Banking, Affluent and Institutional Banking.
Further changes include consolidation of the large corporate banking division, which was earlier managed by two zonal heads. It will now be overseen by a newly appointed Country Head for Large Corporate Business. Commercial banking, focused on SME lending, has also undergone reorganisation, the report further said. The restructuring is seen as part of Yes Bank’s broader efforts to tighten cost controls and enhance operational efficiency amid a competitive banking landscape.