Yes Bank faces two senior level exits; portfolio reshuffle likely

Private sector lender Yes Bank is facing two senior level exits across in private and SME banking verticals, prompting a portfolio reshuffle, two people directly aware of the matter told CNBC-TV18 on the condition of anonymity.

Dhavan Shah, Country Head of SME Banking, and Akshay Sapru, Country Head of Private Banking & Liabilities Products and Spectrum Banking Business are the two senior executives that are exiting the bank. The exact reason for their departure could not immediately be ascertained.

These departures are expected to prompt a portfolio reshuffle among the bank's senior management.

In response to CNBC-TV18’s query on these exits, a YES Bank spokesperson said, “As YES BANK embarks on the next phase of its transformational journey, we remain committed to strengthening our position as a customer-centric Bank. As part of our organisational streamlining process, we are harnessing synergies across all functions to optimise efficiencies and enhance customer experience. This restructuring is a strategic step to ensure seamless and consistent solutions at every touchpoint, aligning with our core values of agility and innovation. Our focus remains on driving profitable growth while delivering unparalleled service and convenience to our customers.”

These leadership exits coincide with a broader internal restructuring at Yes Bank aimed at enhancing operational efficiency and reducing costs. In June 2024, the bank laid off approximately 500 employees across various departments, including wholesale, retail, and branch banking segments.

This move was part of a strategic effort to streamline operations and focus on digital banking solutions, thereby minimising manual processes. The affected employees were provided with severance packages equivalent to three months' salary.

Yes Bank's operating expenses had seen over 13% annual increase in the quarter ending December, reaching ₹2,657 crores. The bank's staff expenses also grew over 10% over the previous year in the December quarter, at ₹1,004 crores.

As of the end of December 2024, Yes Bank employed around 28,995 individuals, down from 29,571 in the previous quarter.

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