Axis Bank Q4 Results: Headcount falls by 3,100 employees as bank seeks higher productivity, technology spends up 14% YoY

The headcount at Axis Bank has fallen by 3,100 employees in the last one year. The job cuts have been linked to ongoing investments in technology and a push for higher productivity.

The private bank’s total workforce stood at 1,01,300 employees at the close of the financial year that ended on 31 March 2026. A year earlier, the headcount totalled 1,04,400 employees, its quarterly results released on Saturday show. When compared to the previous quarter, the headcount declined by 552.

It is important to note here that the headcount fell even as the bank opened 166 new branches in the quarter, and 400 new branches in FY26.

Technology and digital spends grew at 14% YoY and constituted nearly 10% of total operating expenses, the bank said.

Axis Bank reportedly asserted that the change was not driven by cuts in any particular vertical and that the bank’s approach remains focused on maintaining a balance between branch-led growth and technology-enabled efficiency.

Its shares fell as much as 4.8% on Monday as the earnings declined due to lower treasury income and higher provisions, with a planned $2 billion equity fundraise adding to the pressure.

It made a standard asset provision of ₹2,001 crore towards any impact the Middle East conflict may have on its assets. “Based on an assessment of evolving and unpredictable macro and geopolitical uncertainties, the bank created an additional one-time provision…This action is prudent and precautionary in nature and does not reflect deterioration in asset quality,” chief financial officer Puneet Sharma said in the bank’s Q4 earnings call.