Yes Bank slashes up to 2500 jobs to cope up with market

New Delhi : For the first time Yes Bank Ltd. has cut its work force since it was founded in 2004. Nearly, 12 per cent employees have been waived off to lower expenses and push technology amid an industry-wide lending slump, said a report.

According to a report by NDTV, people associated with the matter who do not want to be named said that Yes Bank has cut nearly 2,500 roles which comprises to approximate 12 per cent of the total work force.

The bank had 20,851 employees at the end of June, exchange filings show. The Economic Times newspaper had earlier reported about the cuts.

Yes Bank that was founded by billionaire Chief Executive Officer Rana Kapoor has 1,020 branches and loans of 1.4 trillion rupees ($17.6 billion) as of end-June, exchange filings show.