Axis Bank has asked more than 50 of its mid-level managers to leave as the lender restructures its business and cuts cost under a new CEO, reported The Economic Times.

The lender took the decision after it failed to find suitable jobs for them in the hierarchy, the report said citing two people familiar with the bank’s staff reorganization.

"There has been an overhaul of the business and some mid-level people could not find space in the new scheme of things. They have been told to find another job. This has rattled many old-timers in the bank,” a person familiar with the development was quoted as saying in the report.

According to the report, the terminated officers led various supervisory functions in corporate and retail banking as executive vice-presidents and vice-presidents.

However, the report said, these roles became redundant after the new CEO reviewed the business. CEO Amitabh Chaudhry took over as CEO in January.

First Published:Apr 5, 2019 10:26 AM IST