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Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The frenetic pace set by CEO Amitabh Chaudhry in turning around the lender’s fortunes is taking a toll on employees, triggering an exodus.
61,734. That’s the number of people who left Axis Bank between 2018-19 and 2020-21. A full 2,000 people more than the 59,614 employees on its payroll in 2017-18.
The period coincides with Amitabh Chaudhry’s taking over the helm of India’s third largest private sector bank, a time when its books have begun to look healthy, as has its asset quality. Even the shares of the bank are putting up a decent show at the bourses.
Chaudhry himself has been rewarded with an extension, which kicked in at the start of the year.
Yet not all is well at the bank. …
The acquisition of IDBI Bank puts his Fairfax smack dab in the middle of the RBI’s rules on bank ownership. It must now decide whether to sell CSB Bank or merge the two lenders, neither of which will be easy.
Lenders stand to gain a lot more than borrowers in the current challenging market environment
Aggressive expansion, continued dependence on its parent for business, and an adverse shift in the product mix weigh on profitability as well as investor sentiment.
