Yes Bank Undertakes Leadership Shake-Up, Lays Off Four Senior Executives: Report

The restructuring spans across retail, corporate, and commercial banking, with internal communication detailing the changes shared via email with employees, the report said.

The large corporate banking unit, which was earlier managed by two zonal heads, will now be consolidated under a single Country Head for Large Corporate Business.

Source : Wikipedia

Private lender Yes Bank has revamped its senior management. In a bid to streamline its organisational structure and enhance profitability, the bank has let go of four senior executives and initiated a major overhaul of its key business divisions, according to a report by Mint.

The restructuring spans across retail, corporate, and commercial banking, with internal communication detailing the changes shared via email with employees, the report said.

The bank has asked Akshay Sapru, Head of Affluent and Private Banking; Dhaval Shah, Head of SME Banking; Sanjiv Roy, Head of Fee Business; and Pankaj Sharma, Chief Strategy Officer, to exit their roles with immediate effect.

One of the outgoing executives confirmed the sudden move and said, “We were informed of the decision only 2-3 days ago," the report said.

Digital Banking Division Restructured

As part of the reshuffle, the bank has dissolved the strategy transformation team that previously operated under Sharma. The digital banking unit, which was earlier under his purview, will now report directly to Managing Director and CEO Prashant Kumar.

In his email to staff, Kumar reiterated the bank’s renewed approach to growth, placing emphasis on physical banking infrastructure. “The branch will remain the fulcrum of our bank and one of the most effective touchpoints for reaching customers,” he wrote.

To support this focus, a number of functions—including private banking, liability product management, fee-based business, spectrum banking, micro-enterprise banking, and inbound call centre operations—will now come under the branch banking umbrella. These functions will report to Dheeraj Sanghi, the Country Head for Branch Banking, Affluent and Institutional Banking.

Significant changes have also been made in the corporate and commercial banking verticals. The large corporate banking unit, which was earlier managed by two zonal heads, will now be consolidated under a single Country Head for Large Corporate Business.

The commercial banking division, with a focus on SME lending, has also been restructured. The realignment is expected to improve operational efficiency and reduce costs as the bank navigates an increasingly competitive environment.