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State Bank of Hyderabad to cut staff ahead of merger

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State Bank of Hyderabad to cut staff ahead of merger

The associate banks of State Bank of India have started preparations to lay off staff before a proposed merger with the parent bank, The Economic Times reported Dec. 9.

The board of State Bank of Hyderabad has approved a voluntary retirement scheme. Other associate banks of State Bank of India will also ask their respective boards to approve similar schemes in the next few days, according to two senior officials from State Bank of India.

SBI is planning to merge with five of its associate banks — State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad.

The scheme will help State Bank of India cut costs after the merger.