Axis Bank has said that some of its employees were asked to leave because of performance-related issues. According to a report by the Economic Times, the bank explained that this is part of its normal yearly appraisal process.
Reports suggested that over 100 senior employees were asked to leave. Addressing this, Axis Bank’s Managing Director, Amitabh Chaudhry, said, “Like any organisation, we conduct a detailed performance review at the end of each financial year. Some employees are rewarded and promoted, while others who do not meet expectations may have to leave.”
Chaudhry added that the banking industry faces many challenges across different sectors. While some areas of the business are growing, others are under pressure. The bank is continuing to invest heavily in important areas, but depending on individual performance, some exits are sometimes necessary. He stressed that this is a regular part of their annual cycle.
This statement came after Axis Bank announced its fourth-quarter results on April 24. The bank reported a profit of ₹7,117 crore for the quarter, slightly lower than ₹7,130 crore in the same quarter last year. The fall was mainly due to slower growth in other income. However, Axis Bank’s net interest income rose by 6%, reaching ₹13,811 crore compared to ₹13,089 crore a year ago.
