[Sticky] Yes Bank Layoffs: A Major Restructuring Move

Hey, did you hear about Yes Bank? They just laid off around 500 people in a big restructuring move! It seems to be part of a plan to become more efficient by optimizing their workforce. They've given the laid-off employees three months' severance pay, but it's pretty rough since more job cuts might be on the horizon. They’re doing this to cut costs and are leaning more towards digital banking. The staff expenses have shot up from ₹3,363 crore in FY23 to ₹3,774 crore in FY24, so they’re trying to get a handle on that. Sounds like a tough time for those working there!