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Downsizing at ICICI Bank

ICICI Bank has terminated the services of 1,200 staff members while it is planning to undertake further downsizing in the days to come. Those who have been asked to go include general manager level as well as junior officers. K. Ramkumar, ED of the bank, said the bank has eliminated redundancies arising out of restructuring. The bank has about 70,500 people on its rolls and has recently overtaken HDFC Bank to the top post in terms of number of staff members. Sources in the bank said about 3% of the total workforce may be eventually impacted, though the job cuts would be staggered over three to six months. Ramkumar said it is the bank’s strategy to look at the larger space and see if there is a need to merge or split jobs every three years.

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