Yes Bank Restructuring: 500 Layoffs Aim to Boost Efficiency

The goal is to make operations more efficient and save costs, following advice from a global consultant. Each affected employee received severance pay equal to three months' salary.

Yes Bank's stock closed at Rs 24.02 on Tuesday, the same as the previous day at Rs 23.95 on BSE.

The bank aims to become leaner, faster, and more customer-focused by shifting more towards digital banking and reducing manual work.

This restructuring is a significant move in the banking sector, as Yes Bank is one of the few banks to make such workforce changes in recent years.

It shows the bank's ongoing effort to streamline operations and manage expenses in a changing financial environment.