The great AI axe: Major private sector Indian banks shed 10,114 jobs in FY26

India's top 10 private banks have reduced their headcount by 10,114 employees in the last financial year. Earlier these banks reduced their employees by 9,637. AI, automation, and digital technology are helping banks to grow their businesses with fewer employees. ICICI Bank, HDFC Bank, Axis Bank, and Kotak Mahindra Bank experienced the largest headcount reductions.

Kolkata: Banks and financial services is one of the sectors which is most vulnerable to AI assaults on employee strength. The impact of AI and technology on employee numbers in private banks is now being felt in India. The country’s top 10 private banks have reduced their total number of employees by 10,114 in FY26. In FY25, these banks reduced their staff by 9,637. In contrast, in fiscal year 2024, these banks hired 83,645 employees. Banks are now increasing their use of automation and AI to accomplish more with fewer employees. Despite declining employee numbers, large private banks are........

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