Amitabh Chaudhry, Axis Bank's CEO, said the bank wants to grow with AI and other tools so hiring does not keep climbing at the same clip as before. "Our hope is that, at least to start with, there is no need to continue to increase the headcount at the same pace as before," he told Bloomberg Television. He also noted, "I don't think any employees will be let go," apart from those who are underperforming.
Chaudhry said the strategy blends technology gains with normal attrition and redeploying people into areas of need. He added that new kinds of jobs will appear as AI advances, and employees who learn the new platforms and skills can improve their roles and career paths.
Axis Bank says its tech push is showing up in productivity. It added around 400 branches in fiscal 2026 while net headcount declined 3% from the prior year. Even so, the workforce was still above 101,000 at the close of the fiscal year in March.
Efficiency is moving in the right direction too. The bank's cost to assets ratio improved by 18 basis points in the last fiscal year, a sign it is generating more business off its asset base with a leaner team. The lender believes it can keep headcount roughly flat and still grow at a steady pace.
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Banks worldwide are leaning into AI and acknowledging it will reshape work. JPMorgan's Jamie Dimon said in December the technology will eliminate jobs. Citigroup CEO Jane Fraser has said some roles will no longer be needed.
Goldman Sachs President John Waldron even described employees as a "human assembly line" ready for automation. Standard Chartered executives have sounded similar notes.
Axis Bank trails HDFC Bank and ICICI Bank by assets, and in 2023 it closed the purchase of Citigroup's consumer business in India, which sets the stage for how it scales. Chaudhry also said Indian banks' recent surge in foreign-currency deposits is likely to be deployed during the ensuing two to three quarters, alongside accelerating credit growth. Put together with a tech-first approach and stable staffing, that is a recipe for steadier earnings power if execution holds up.
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