The headcount at Axis Bank has fallen by 3,100 employees in the last one year. The job cuts have been linked to ongoing investments in technology and a push for higher productivity.
The private bank’s total workforce stood at 101,300 employees at the close of the financial year that ended on 31 March 2026. A year earlier, the headcount totalled 104,400 employees, its quarterly results released on Saturday show. Compared with the previous quarter, headcount declined by 552.
It is important to note here that the headcount fell even as Axis Bank opened 166 new branches in the quarter and 400 new branches in FY26.
Technology push cuts jobs
During the post-results conference call, Axis Bank Executive Director Subrat Mohanty said that the moderation in headcount reflected the natural outcome of the bank's sustained push towards digital transformation. He added that the bank has been consistently earmarking around 9-10% of its operating expenditure for technology over the past three to four years.
Technology and digital spends grew 14% YoY and accounted for nearly 10% of total operating expenses, the bank said.
Axis Bank asserted that cuts in any particular vertical did not drive the change and that the bank’s approach remains focused on maintaining a balance between branch-led growth and technology-enabled efficiency.
Axis Q4 Results
Axis Bank, the country's third-largest private lender by market capitalisation, posted a largely flat Q4 performance on Saturday with a profit of ₹7,071 crore compared to ₹7,117 crore in the same period last year.
Its shares fell as much as 4.8% on Monday as the earnings declined due to lower treasury income and higher provisions, with a planned $2 billion equity fundraise adding to the pressure.
It made a standard asset provision of ₹2,001 crore towards any impact the Middle East conflict may have on its assets. “Based on an assessment of evolving and unpredictable macro and geopolitical uncertainties, the bank created an additional one-time provision…This action is prudent and precautionary in nature and does not reflect deterioration in asset quality,” chief financial officer Puneet Sharma said in the bank’s Q4 earnings call.
