 "According to Suresh Ganapathy, head of financial services research at Macquarie Capital, the low addition to the workforce could be due to a combination of factors: banks extracting more productivity and efficiency, not replacing employees who resign")
HDFC Bank and ICICI Bank, two of the country’s largest private-sector lenders, added very few employees to their workforce in 2024-25 (FY25), despite expanding their branch networks during the year.
In FY25, HDFC Bank added 994 employees to its workforce, totalling 214,521. In contrast, ICICI Bank saw a net reduction of 6,723 employees, with its total workforce declining to 129,177.
In 2023-24 (FY24), HDFC Bank had added over 40,305 employees to its workforce, following the addition of 31,646 employees in 2022-23 (FY23) and 21,483 in 2021-22 (FY22). In comparison, ICICI Bank added 9,240 employees in FY24, 20,816 in FY23, and
