Kotak Bank to start lay offs
Guys a friend working there told me Kotak Bank is going to cut approx 20 percent of the workforce across all departments. They have already started revoking offer letters. Also they will not be giving increments and bonuses. Tough times ahead. Anyone bearing things from established companies.
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They also over-hired?
Kotak employee here. Take this news with a pinch of salt. The layoff speculation is only for Tech roles, UK and team wanted a total overhaul of IT/Tech, hired a lot of folks from Amazon - thinking tech from Amazon will be god-level and will miraculously transform their biz+ tech. Didn't happen. Plus a lot of old folks saw the huge pay disparity and left. HR has now realised this hence there's talk of rationalising pay structure across the board. Not sure whether they're rescinding job offers though.
Word on the street is they are rebranding as Kotha bank.
off no just now got an offer from them
and posted Checkout this post on Grapevine - https://share.gvine.app/maXej5cm2fpSmtou7
Kotak mahindra offer
Just keep an eye and talk to folks. Word is out that they are rescinding offers.
Can't believe a bank doing this across departments. Wonder what hdfc must be doing since their stock price is taking a beating
No layoffs in the traditional teams at Kotak. This is mostly focused on Engineering/Tech.
Kotak 811 was a scam neo bank is a hoax they hire people in Amazon , Swiggy but culture is worst
Funny. I saw at least 3 posts by Senior EMs at Kotak regarding hiring for SDE-2 and SDE-3 positions just yesterday
Didn’t even know they hired and paid well. Idk why they are realizing this late on issue of overhire. Maybe they just want to layoff and reduce pay for next hires
I thought indian banks/ financial institutions were the safest. This will surely have a domino effect on other banks as well