The number of employees at Axis Bank has decreased by 3,100 employees in the last one year. The job cuts are related to continued investment in technology and the push for higher productivity.
The total number of employees of the private bank stood at 101,300 employees at the end of the financial year ending March 31, 2026. A year earlier, the workforce was 104,400, quarterly results released on Saturday show. Compared to the previous quarter, the number of employees decreased by 552.
It is important to note here that headcount declined even as Axis Bank opened 166 new branches in the quarter and 400 new branches in FY26.
Technological pressure is reducing jobs
During a post-results conference call, Axis Bank MD and CEO Amitabh Chaudhry said the headcount reduction reflects a natural outcome of the bank’s sustained push for digital transformation. He added that the bank has been consistently allocating around 9-10% of its operating expenses to technology over the past three to four years.
Technology and digital spending rose 14% year-on-year and accounted for nearly 10% of total operating expenses, the bank said.
Axis Bank maintained that cuts in no particular vertical have led to a change and that the bank’s approach remains focused on maintaining a balance between branch-led growth and technology-driven efficiencies.
Results of the Q4 axis
Axis Bank, the country’s third-largest private lender by market capitalization, on Saturday reported a largely flat fourth-quarter profit ₹7,071 crore as compared to ₹7,117 crore in the same period last year.
Its shares fell as much as 4.8% on Monday as profits fell on lower treasury income and higher reserves, with a planned $2 billion share raise adding to the pressure.
She made a standard asset ₹2,001 crore on any impact the conflict in the Middle East may have on its assets. “Based on an assessment of evolving and unpredictable macro and geopolitical uncertainties, the bank has created an additional one-time provision… This measure is prudent and precautionary in nature and does not reflect deterioration in asset quality,” CFO Puneet Sharma said in the bank’s fourth-quarter earnings call.
