Axis Bank has clarified that a number of employees were asked to leave due to performance-related issues explaining that this was part of the lender’s regular appraisal process, a report by Economic Times stated. The private sector lender was addressing reports that more than 100 senior employees were asked to leave.
Amitabh Chaudhry, MD, Axis Bank, said, “As is the case in any organisation, we conduct a detailed appraisal cycle at the end of each financial year.”
“Many employees are rewarded and promoted, while some may fall short in terms of performance, leading to difficult conversations. The banking industry faces varied challenges across different sectors, with some businesses thriving, while others are under pressure. The bank continues to heavily invest in certain areas, and depending on individual performance, exits are sometimes inevitable. This is a regular part of our annual cycle,” he further added while addressing the media after the Bank released its Q4 results on April 24.
On Thursday, Axis Bank had released its fiscal fourth quarter earnings report with profit at Rs 7,117 crore as compared to Rs 7,130 crore in the same quarter of FY24. This was impacted by muted growth in other income. Net interest income grew 6 per cent to Rs 13,811 crore in Q4 from Rs 13,089 crore in the year-ago period.