India's IDFC Bank Ltd. is seeking to merge its various lending divisions and cut its workforce in an effort to improve client coverage models and increase operating synergies, Mint reported Dec. 29, citing bank officials and "two people aware of the matter."
The bank will merge its corporate lending and middle market corporate lending divisions into a single division. Further, the bank will combine small and medium-sized enterprises lending and business banking into another division, one of the people said. The bank employs 40 to 60 staff in each division across India.
An IDFC Bank spokesperson said the bank is conducting an internal realignment to boost its client coverage model and increase operating synergies. A senior bank official said "some small layoffs" may occur as a result of the reorganization.
The report came after the bank hired a number of senior executives from Standard Chartered Plc and ICICI Bank Ltd. in the past few years to expand lending.