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SBI to lay off 10 percent of workforce
Posted on: 28/Mar/2017 6:07:16 PM
It is likely that close to 10 percent of the total workforce of SBI will be reduced in the next 2 years, said Managing Director of Rajnish Kumar. Hiring and digitization will be reduced due to the bank’s merger with 6 entities. There will only be a decline in the headcount and not any layoff, Kumar clarified.
He added that close to 10 percent reduction is possible in 2 years. There are over 2,07,000 staffers working with the State Bank of India. After merging, the bank will have 70,000 employees. The merging will come into force on 1st April.
The list of entities includes State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Hyderabad and Bharatiya Mahila Bank, and State Bank of Mysore.
This may be reduced to 2,60,000 by the March month of 2019. This count will be 10 percent lesser. Many employees will be given with voluntary retirement schemes. Officials from the SBI said the recruitment process will be halved in a year.
