Largest lender State Bank of India has cut the staff strength post merger. They has reduced its staff headcount by 6,622 in the first quarter of FY18 to 2.73 lakh from 2.80 lakh at the beginning of the quarter due to retirements and a voluntary retirement scheme.
The bank now plans to redeploy over 10,000 employees following the merger of its associate banks and due to digitization.
A large part of the job restructuring is taking place on account of merger as the bank juggles its branch network to avoid having several outlets on the same street. SBI has merged 594 branches till August 6 and has rationalized 122 administrative offices.
This in itself is expected to result in savings of over Rs 1,160 crore annually.