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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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DesignTinker

Stealth

7 months ago

They also over-hired?
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CoolWaiver47

Stealth

7 months ago

Big time across departments is what he said. Also there are huge salaries paid to tech folks and hence HR had to fire across departments to compensate
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MuchosGracias

Stealth

7 months ago

Maybe my lunch was too heavy but Kotak backwards is Kat-ok It was a sign all along :(
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AntonKriel

Stealth

7 months ago

Word on the street is they are rebranding as Kotha bank.
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ConfusedPM

Kotak Mahindra Bank

7 months ago

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.
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FunnyBones

Plivo

7 months ago

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
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CoolWaiver47

Stealth

7 months ago

Can't believe a bank doing this across departments. Wonder what hdfc must be doing since their stock price is taking a beating
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ConfusedPM

Kotak Mahindra Bank

7 months ago

No layoffs in the traditional teams at Kotak. This is mostly focused on Engineering/Tech.
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DiwaliBonus

Zomato

7 months ago

Funny. I saw at least 3 posts by Senior EMs at Kotak regarding hiring for SDE-2 and SDE-3 positions just yesterday
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Peudipi

PhonePe

7 months ago

off no just now got an offer from them and posted Checkout this post on Grapevine - https://share.gvine.app/maXej5cm2fpSmtou7 Kotak mahindra offer
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CoolWaiver47

Stealth

7 months ago

Just keep an eye and talk to folks. Word is out that they are rescinding offers.
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CoolWaiver47

Stealth

7 months ago

Supposedly they concentrating on tech and paying huge salaries to Amazon Flipkart Meta Google tech folks.
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DankyDankDonkey

Google

7 months ago

Up, got paid more than I was getting at Amazon, I saw this coming
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Peudipi

PhonePe

7 months ago

how s the culture there, is it better than amazon
See more comments
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DotingThumb

Razorpay

6 months ago

Kotak 811 was a scam neo bank is a hoax they hire people in Amazon , Swiggy but culture is worst
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FluidHype15

Stealth

7 months ago

Isn’t the average attrition greater than the number mentioned? This is usually the review cycle time and attrition is usually near 30%.
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FreshlyBrewed

Good company

7 months ago

I thought indian banks/ financial institutions were the safest. This will surely have a domino effect on other banks as well
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