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<ul><li>YES Bank is looking to hire after its workforce shrank by 1,000 employees since March. </li><li>The private sector bank is mostly looking to hire for digital, marketing and credit underwriting. </li><li>In an exclusive interview with Business Insider, <keyword id="2643328" type="ORGANIZATION" weightage="20" keywordseo="Yes-Bank-CEO">YES Bank CEO</keyword> and MD Prashant Kumar shares what the bank is looking for in its hunt for new talent.</li></ul>The number of total employees at YES Bank has come down by almost 1,000 since March, but that is at par with the private sector entity’s natural rate of attrition seen every year. The good news is that it's on the hunt for new talent with an impetus on digitalisation, marketing and credit underwriting. “Wherever there is a shortage, we are hiring,” said YES Bank’s CEO and Managing Director Prashant Kumar in an exclusive interaction with Business Insider on a #HangoutwithBI Twitter live. The dip in the bank’s workforce was not because of layoffs, but because people had quit voluntarily. “Some of them had put in their papers in early 2020. We did not replace them,” said Kumar. According to him, YES Bank is now looking to push on digitisation, which has become more relevant in the COVID-19 era. “We have tried to streamline processes. With less number of workforce, we’re able to do more,” he said. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Transactions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Digital channels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">90% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank branches </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr></tbody></table> YES Bank also pivoted to adopt a method to digitally onboarding customers, both in terms of liabilities and on the loan side, due to COVID-19. “Customers can open a digital account through video KYC. With very few employees and small costs we are able to acquire,” said Kumar. YES Bank is hiring Most companies, YES Bank included, weren’t too aggressive about hiring when the coronavirus pandemic initially broke. The reason YES Bank is back on the wagon is that it wants to grow and have the right people in place before the next financial year kicks off. “Hiring is something that takes a little bit of time in terms of getting the right kind of person, onboarding, and getting the person ready for the specific role,” explained Kumar. Employment opportunities and job vacancies at the bank can be found on its <a href="https://www.yesbank.in/work-with-us/career-opportunities">official website</a>. YES Bank is looking for candidates who are innovative, have basic skills, work hard, would like, and to pursue a career in banking. However, Kumar points out that a certain minimum level of experience is required. Here’s a quick look at some of the posts that YES Bank is looking to fill: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Post </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Department </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Location </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and Digital Technology Solutions Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and Digital Technology Solutions Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Assistant Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and Digital Technology Solutions Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and Digital Technology Solutions Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai, Gurgaon </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Central Data and Analytics Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Central Data and Analytics Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Assistant Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Central Data and Analytics Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Executive Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit Quality Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lucknow, Kolkata </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Regional Credit Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zonal Credit Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Area Credit Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/jeff-bezos-blue-origin-is-eyeing-the-commercial-space-station-business-wants-nasa-as-one-of-its-first-customers/articleshow/78272862.cms">Jeff Bezos' Blue Origin is eyeing the commercial space station business — wants NASA as one of its first customers</a> <a href="https://www.businessinsider.in/science/space/news/school-bus-sized-asteroid-is-scheduled-to-make-its-closest-approach-to-earth-on-september-24/articleshow/78271529.cms">A school bus-sized asteroid will make its closest approach to Earth tomorrow — safely zooming past the planet</a> <a href="https://www.businessinsider.in/tech/enterprise/news/microsoft-acquires-exclusive-license-for-elon-musks-largest-gpt-3-ai-language-model/articleshow/78269391.cms">Microsoft acquires exclusive license for Elon Musk’s largest GPT-3 AI language model</a>

EXCLUSIVE: YES Bank's workforce shrank by 1,000 employees since March but now it's hiring again for the coming year

India' highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list

<ul><li>India's banking regulator issued revised guidelines on compensation for CEOs, Whole-time directors, and other important staff members of private banks.</li><li>The new guidelines may also affect the remuneration of chiefs of foreign banks present in India.</li><li>The new guidelines from the Reserve Bank of India will be effective from April 1, 2020.</li></ul>India's banking regulator issued revised guidelines on compensation for CEOs, whole-time directors, and other important staff members of private banks. The new guidelines may also affect the remuneration of chiefs of foreign banks present in India. The new guidelines from the Reserve Bank of India will be effective from April 1, 2020. These are some of the important outlines drawn out by the RBI: The policy should cover all aspects of the compensation structure such as fixed pay, perquisites, performance bonus, guaranteed bonus (joining/sign-on bonus), severance package, share-linked instruments e.g. Employee Stock Option Plan (ESOPs), pension plan, gratuity, etc. At least 50%, should be variable and paid on the basis of individual, business-unit and firm-wide measures that adequately measure performance. At higher levels of responsibility, the proportion of variable pay should be higher. The total variable pay shall be limited to a maximum of 300% of the fixed pay for any given period. There are exceptions to this. In case variable pay is up to 200% of the fixed pay, a minimum of 50% of the variable pay; and in case variable pay is above 200%, a minimum of 67% of the variable pay should be via non-cash instruments. In the event that an executive is barred by statute or regulation from grant of share-
	
linked instruments, his/her variable pay will be capped at 150% of the fixed pay, but shall not be less than 50% of the fixed pay If a bank performs badly, the variable pay should be reduced. A minimum of 60% of the total variable pay must invariably be under deferral arrangements, minimum 3 years. At least 50% of the cash bonus, if it is more than ₹25 lakh, should also be deferred. The deferred remuneration should starting vesting with executive only at the end of the first year, on a pro rata basis. If the bank has under-reported bad loans, beyond the limit set by the RBI, the bank shall not pay the unvested portion of the variable compensation for the assessment year. Further, no proposal for increase in variable pay (for the assessment year) shall be entertained. Banks are allowed to 'guarantee' only a joining bonus at the time of hiring. This would not be part of the fixed pay or the variable part. Severance pay will include only accrued benefits except in cases where a statute mandates it. Risk control and compliance staff have been kept out of the new guidelines mandating a minimum amount of variable pay. Private sector and foreign banks operating in India are required to obtain regulatory approval for grant of remuneration. The compensation for material risk takers— people whose decisions affect the risk— in any bank should be paid as much as the top 0.3% of the bank's staff, or at least as much as the lowest paid person in the senior management. SEE ALSO: <a href="https://www.businessinsider.in/business/news/now-bandhan-bank-gets-a-1-crore-slap-from-the-rbi/articleshow/71813742.cms" data-type="tilCustomLink" target="_blank">Now, Bandhan Bank gets a ₹1 crore slap from the RBI</a>

RBI revises guidelines on how much to pay a private bank CEO and executives in India— including foreign banks

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersDeutsche Bank CEO Cryan addresses the bank's annual general meeting in Frankfurt</div></div></div>Deutsche Bank's profits nosedived from €800 million to just <a href="http://www.businessinsider.com/deutsche-bank-second-quarter-results-revenue-profit-net-income-all-fall-2016-7">€20 million in the second quarter</a>.The results were impacted by a tough environment for European banks, and a range of restructuring-related charges, as new CEO John Cryan looks to clean up the bank's act. The bank took goodwill impairments of €285 million, restructuring and severance charges of €207 million, and litigation charges of €120 million. The bad news for the bank's staff: the restructuring effort may be about to accelerate. Cryan said in a statement (emphasis ours): <div title="Page 1">"We have continued to de-risk our balance sheet, to invest in our processes and to modernise our infrastructure. However, if the current weak economic environment persists, we will need to be yet more ambitious in the timing and intensity of our restructuring."He said <a href="https://www.db.com/newsroom_news/2016/ghp/quarterly-results-a-message-to-employees-from-john-cryan-en-11643.htm">something similar in a note to staff</a>:"Here I would like to speak plainly. If this weak economic environment persists, we will need to be still more ambitious in our restructuring. We will do everything in our power to accelerate the measures we have already planned."We've previously written about how Cryan <a href="http://www.businessinsider.com/john-cryan-deutsche-bank-toughest-job-in-banking-2016-5">has the toughest job in banking</a>. There are 160 projects ongoing as part of the implementation of the bank's Strategy 2020. The bank has decommissioned 500 applications in technology, and has cut the number of relational databases it maintains from 50 to four.The bank is restructuring its operations in its home market, <a href="http://www.reuters.com/article/us-deutsche-bank-branches-idUSKCN0Z9205">closing 188 branches and cutting 3,000 staff</a>. It has reached a "turning point in employee numbers", according to Cryan, with headcount falling in the quarter despite bringing in 900 staff who were previously external contractors.Deutsche Bank has exited some parts of the securitised debt trading market, and cut its emerging markets debt trading business. It is half-way through pulling out of the countries it plans to exit, and it has withdrawn from Russia.And now, Cryan is suggesting the restructuring could become "more ambitious."Deutsche Bank isn't alone in this regard. Morgan Stanley and Goldman Sachs also said earlier this year that they <a href="http://www.businessinsider.com/the-brutal-cull-on-wall-street-probably-isnt-finished-yet-2016-4">may cut more staff if the market environment</a> remains challenging.But Deutsche Bank has had a particularly tough run of late. It had to <a href="https://www.db.com/newsroom_news/2016/medien/deutsche-bank-publishes-updated-information-about-at1-payment-capacity-en-11385.htm">assure the market it could pay the coupon on its bonds</a> earlier this year, a remarkable position to be in for a bank of its size. The bank's share price is down more than <a href="https://www.db.com/ir/en/share-price-information.htm">40% in 2016</a>. Edward Misrahi, the founder and chief investment officer of RONIT Capital, said <a href="http://www.businessinsider.com/ronit-capital-edward-misrahi-deutsche-bank-2016-7">recently that Deutsche Bank was his number one short trade</a>.Cryan is unperturbed, however, and is pushing ahead. In a call with analysts, he said (emphasis ours):"At Deutsche Bank, we are undertaking as much restructuring as possible in 2016 despite the burden of lost revenues and the added expense in the year. Not to do so would simply perpetuate our structural inefficiency and delay the achievement of our fundamental goal that of returning to sustainable profitability. We'll not deviate from taking tough decisions just to flatter results in the short-term. We did this in the past and it led to many failed restructuring."</div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/50-cent-debt-bankruptcy-court-creditors-2016-7">50 Cent will pay $23.4 million to creditors over the next 5 years -&#xa0;here's how he made and lost millions</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VlbnI2djrZXIh9tIkLc68cC984sL8GSb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Deutsche Bank's CEO just said something that should frighten the bank's employees

<keyword id="128187" type="PERSON" weightage="20" keywordseo="Sandeep-Bakhshi">Sandeep Bakhshi</keyword>, ICICI Bank's MD &amp; CEO, is a staunch believer in creating value for all stakeholders. Under his leadership, the bank has been following the guiding philosophy of 'Fair to Customer, Fair to Bank', emphasizing the need to deliver on the promise of a fair value proposition for customers while effectively increasing shareholder value. Under his leadership, ICICI Bank is poised to emerge even stronger as a trusted financial service provider to its customers. Below are some interesting details about Bakhshi and his journey to becoming Managing Director &amp; CEO of ICICI Bank, one of the country's leading banks. Sandeep Bakhshi’s early career with ICICI Group Sandeep Bakhshi has been working with the ICICI Group for over the past three decades. He joined the erstwhile Industrial Credit and Investment Corporation of India (ICICI) Ltd in 1986. His rise in ICICI and later other companies in the group, including ICICI Bank, has been steady. He was hand-picked by his mentors — KV Kamath and N Vaghul -- to head different businesses within ICICI. His work responsibilities included business development, project appraisals, project monitoring, and business restructuring in the initial years. He was handed the charge of risk management for the Northern Zonal office. He subsequently looked after the corporate clients for the Northern and Eastern regions of ICICI. Journey with insurance subsidiaries Sandeep Bakhshi came to be known as the man most trusted to handle massive changes and tumultuous phases. He built the general insurance business from scratch, which he joined in 2002. He was chiefly responsible for grooming the company at a time when the insurance industry was at a nascent stage. Today, ICICI Lombard General Insurance Company is one of the country's largest private sector general insurance companies. Bakhshi was brought into the Bank in 2009 as Deputy Managing Director to fight rising delinquencies. After he deftly handled it, he was put in charge of ICICI Prudential Life Insurance Company in 2010. During his tenure at ICICI Prudential Life Insurance Company, Sandeep Bakhshi took charge of digital adoption, which resulted in disruptive changes across the industry. He is credited for taking the first insurance company in the country public. During Bakhshi's tenure, the Assets under Management (AUM) of ICICI Prudential Life Insurance Company rose to ₹1.4 lakh crore in 2018 from ₹57,319 crore in 2010. <div type="image" title="image1" msid="78597882" hostid="261" caption="&amp;lt;p&amp;gt;Sandeep Bakhshi ICICI Bank, MD &amp;amp;amp; CEO&amp;lt;/p&amp;gt;"></div> His management style and philosophy Throughout his career at ICICI Group, Sandeep Bakhshi, the current <keyword id="25344" type="ORGANIZATION" weightage="20" keywordseo="icici-bank-ceo">ICICI Bank CEO</keyword>, has maintained a customer-first approach, believing that the most vital part of any business is delivering the best products to the customer. He ardently follows the approach – “Fair to Customer, Fair to Bank” — which balances the importance of giving a fair proposition to customers while ensuring that the bank delivers value to its shareholders and stakeholders. He encourages independent thinking across teams, giving them the space to grow. Reforms at ICICI Bank under Sandeep Bakhshi’s leadership Good leaders can infuse organisations with fresh energy. Under Bakhshi’s leadership, the bank has gone through transformative cultural and structural reforms. He introduced the philosophy of “One Bank, One Team, One Goal” that has brought teams closer by breaking down symbols of hierarchy. These changes have been swift, decisive, and effective. Hobbies and interests Sandeep Bakhshi is a fan of vintage Bollywood, particularly old Hindi songs, and is a fan of SD Burman, OP Nayyar, and Madan Mohan. He also enjoys wildlife parks and visits around five to six sanctuaries a year. Leadership with passion His three decades at ICICI Group have only made him more passionate about his work. In an interview, Sandeep Bakhshi had said, “Every day I believe that I am in ICICI because I need ICICI. ICICI can get a 100 Sandeep Bakhshis, but for me, there is no better opportunity than ICICI. He knows the organisation inside-out and has the insights needed to guide it smoothly. Education Sandeep Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh, and has a postgraduate degree in management from XLRI, Jamshedpur. He grew up in a defense services family.

What you didn’t know about Sandeep Bakhshi, ICICI Bank Chief

On 18 June, <keyword id="42456" type="CITY" weightage="20" keywordseo="ICICI">ICICI</keyword> <keyword id="6355272" type="UNKNOWN" weightage="20" keywordseo="bank">Bank</keyword>, one of India’s largest private sector lenders, <a href="https://www.icicibank.com/aboutus/article.page?identifier=news-icici-bank-board-appoints-mr-sandeep-bakhshi-as-wholetime-director-and-chief-operating-officer-coo-of-icici-bank--20181806205908141">named Sandeep Bakhshi</a> at its new Chief Operating Officer (COO) and full-time director for a period of five years - pending regulatory approval. The COO post was created especially for him. Bakhshi’s appointment comes as the bank places Chanda Kochhar, its Chief Executive Officer (<keyword id="5645" type="POSITION" weightage="20" keywordseo="CEO">CEO</keyword>), on temporary leave pending the conclusion of an independent inquiry into a possible conflict-of-interest issue regarding the bank’s dealings with <keyword id="6354248" type="UNKNOWN" weightage="20" keywordseo="videocon">Videocon</keyword>. Bakshi will take over her responsibilities in the interim period, and report to ICICI’s board of directors. Here is all you need to know about him: He oversaw India’s first insurance IPO Bakhshi was appointed as the CEO of ICICI Prudential Life Insurance Co, the bank’s joint venture with UK insurer Prudential, in August 2010. Over the course of his tenure, he successfully spearheaded the business’s ₹60.6 billion initial public offering (IPO) in September 2016 - the first such offering by an Indian insurer at the time. Despite his promotion, he will also be continuing as the Executive Director of ICICI Prudential. He’s been with ICICI since 1986 Bakshi has been with ICICI Bank for 32 years, starting out as an operations officer in Delhi. Prior to his appointment as the head of the life insurance business, Bakhshi held a variety of roles at ICICI’s other businesses. He was the Deputy Managing Director and head of retail operations at ICICI Bank between 2009 and 2010 and CEO of the bank’s non-life insurance business - ICICI Lombard General Insurance - between 2007 and 2009. Before joining ICICI Lombard in 2002, he looked after corporate lending operations at ICICI Bank’s Northern and Eastern divisions. He has an engineering background Bakshi received a mechanical engineering degree from Chandigarh’s Punjab Engineering College before going on to complete a masters degree in Management from Xavier Labour Relations Institute in Jamshedpur. His first job was for ORG Systems, a computer manufacturer, where he started working in 1983. Investors seem to be happy with his appointment As a company veteran who knows the ins and outs of ICICI’s business, investors seem confident about Bakhshi’s promotion. ICICI Bank’s share price on the NSE has risen nearly 4% since the announcement. Bakshi has his work cut out for him in the near term. He needs to rebuild ICICI’s image and improve corporate governance while weathering the fallout of the Videocon case. If he is able to do so successfully, he could just take over the CEO role when Chanda Kochhar’s term concludes in March 2019.

Here’s all you need to know about ICICI Bank’s new COO Sandeep Bakshi

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCIX7QLTDX&amp;SMLS=1&amp;RW=1567&amp;RH=886#/SearchResult&amp;VBID=2C0FCIX7QLTDX&amp;SMLS=1&amp;RW=1567&amp;RH=886&amp;POPUPPN=14&amp;POPUPIID=2C0BF1OH68MWS">REUTERS/Kai Pfaffenbach</a>John Cryan.</div></div></div>Deutsche Bank is "absolutely rock-solid," according to co-CEO John Cryan. In a <a href="https://www.db.com/newsroom_news/2016/ghp/a-message-from-john-cryan-to-deutsche-bank-employees-0902-en-11392.htm">memo to employees sent out Tuesday</a>, Cryan sought to re-assure the staff of Germany's largest bank - and presumably markets as well - that things are going just fine and that current market prices indicating stress at the bank are mis-reading the situation. "Volatility in the fourth quarter impacted the earnings of most major banks, especially those in Europe, and clients may ask you about how the market-wide volatility is impacting Deutsche Bank," Cryan wrote. Adding: "You can tell them that Deutsche Bank remains absolutely rock-solid, given our strong capital and risk position. On Monday, we took advantage of this strength to reassure the market of our capacity and commitment to pay coupons to investors who hold our Additional Tier 1 capital. This type of instrument has been the subject of recent market concern."Here Cryan is referring to Deutsche Bank's CoCo debt - <a href="http://www.businessinsider.com/deutsche-bank-shares-hit-record-low-2016-2">which we wrote about a bit here</a> - which is effectively a junior bond the market is worried will be written down by the bank or, as is possible under the terms of these instruments, be converted to equity. On Monday Deutsche Bank <a href="https://www.db.com/newsroom_news/2016/ghp/a-message-from-marcus-schenck-deutsche-bank-s-additional-tier-1-at1-capital-en-11386.htm">issued a statement</a> saying that it had enough capital to make the coupon payment due to CoCo holders in April. Though <a href="http://www.businessinsider.com/closing-bell-february-8-2016-2">as we noted on Monday</a>, the first rule of Additional Tier 1 payment capacities is that you don't talk about Additional Tier 1 payment capacities.In the fourth quarter Deutsche Bank <a href="http://www.businessinsider.com/deutsche-bank-q4-2015-results-losses-litigation-job-losses-2016-1">posted a loss</a> of over $7 billion and currently its stock is trading near a record low. Cryan also hosted a nearly three-hour conference call following these results in which he said, among other things, that <a href="http://www.businessinsider.com/deutsches-cryan-would-rather-run-wells-fargo-2016-1">he'd like to run a bank more like Wells Fargo</a> than his own (meaning a staid retail bank would be more fun right now: who could blame him?)But as Bloomberg's Tom Keene noted on Tuesday, this type of memo with these types of headlines crossing the tape is truly "<a href="https://twitter.com/tomkeene/status/697032943756320768">stunning</a>" as banking, at its heart, is a confidence-based business and part of projecting confidence involves not having to project confidence. And so when the most important bank in Europe's most important economy comes out and says everything is fine, it's hard to imagine the message really being taken that way. Deutsche Bank shares trading in New York fell 7% on Monday and shares were down another 1.7% in pre-market trading on Tuesday. Here's the full memo:Dear Colleagues,When I first became your colleague and Co-CEO seven months ago, I promised to increase communication from the Management Board to you. I made clear that when we had something to communicate, I wanted you to hear about it first from us. That is why I am writing to you today.Last week, at one of our scheduled off-sites, the Management Board talked about progress on our strategy, and how recent market volatility and forecasts for slowing economic growth might impact our clients and us. Volatility in the fourth quarter impacted the earnings of most major banks, especially those in Europe, and clients may ask you about how the market-wide volatility is impacting Deutsche Bank.You can tell them that Deutsche Bank remains absolutely rock-solid, given our strong capital and risk position. On Monday, we took advantage of this strength to reassure the market of our capacity and commitment to pay coupons to investors who hold our Additional Tier 1 capital. This type of instrument has been the subject of recent market concern.The market also expressed some concern about the adequacy of our legal provisions but I don't share that concern. We will almost certainly have to add to our legal provisions this year but this is already accounted for in our financial plan.The Management Board also discussed its vision for the bank. For us, a vision defines our aspiration for the bank, and what we want it to be. It's important because it creates clarity of purpose and unites all of us in achieving common and worthy goals.Our vision is to be a trusted and successful bank. We aim to deliver financial solutions, technology, products and services that exceed our clients' expectations. We want to be the most respected financial services provider across all customer segments in Germany, our vital and strong home market; the number one bank for our corporate, institutional and fiduciary clients in Europe; and the best foreign bank in the United States and Asia.We are achieving our vision in a number of ways, including:First, we are investing in hiring more people in Equity Sales and Research to serve our clients' needs and to regain our leadership in the equities markets.Second, we are investing in bringing on board some talented senior bankers into Corporate &amp; Investment Banking.Third, we are investing in client-facing technology, particularly in our retail banking and asset management businesses.Finally, I am personally investing time to resolve successfully and speedily open regulatory and legal cases. I want to remove the uncertainty among staff and in the market that these cases cause. A small group of senior people, led by me, will focus on this. For everyone else, we ask you to continue to focus on our clients and on the implementation of our strategy.In the weeks ahead, my colleagues on the Management Board will update you on a number of topics, including customer focus, the work we're doing on costs, and our priorities for developing employees. We want to make transparent where we are in our strategic efforts. This will add to accountability and help track progress.We want to hear from you too. What are clients telling you? How do you think we should build a better Deutsche Bank? As ever, please contact me directly via the feedback tool on our intranet.On behalf of the entire Management Board, thank you for your ongoing hard work. Let's all work together to support this vision.Yours sincerely,John Cryan <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/ceres-landscape-mystifying-scientists-mountain-crater-outer-space-nasa-footage-2016-1">NASA just released footage of the most mysterious pyramid in the solar system</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NlaGtqMDE6zBUoLB-vMOFf5_S2M9RvZb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Deutsche Bank's CEO says the bank is 'absolutely rock-solid' in memo to employees

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://www.paimages.co.uk/image-details/2.24584462">AP Photo/Jens Meyer</a>Deutsche Bank CEO John Cryan.</div></div></div>John Cryan is trying to transform Deutsche Bank into a simpler and better-run bank.When he came in as CEO last year he had two key strategies for doing that:1. Stop people from fooling themselves that things were still great.2. Give staff a long-term vision of where the bank was going."When I took over the management team I thought it was important to do two things - the first was to disrupt the place a bit," Cryan told an audience of business executives at the DocuSign Momentum conference in London on Tuesday.Cryan, formerly the chief financial officer at UBS, first joined Deutsche Bank as part of its supervisory board in 2013 and said he "was familiar with a lot of the things that I thought needed to change.""The first thing to do was to shock people into recognising that although there's a lot of things that are great about the company, there was a lot that needed to be done," Cryan said.When Cryan came in, the bank had repeatedly missed profit forecasts and the share price was seriously lagging. The bank was valued at less than the liquidation value of its assets - not a sign of investor confidence in management and its direction.Cryan said: "One of my criticisms of the company was that it was still celebrating the clear success it had in growing very rapidly, going from being a relatively simple commercial bank in Germany to being one of the world's biggest investment banks. People were still doing high fives around the room. That was no longer appropriate."He added: "Success is a dreadful, dreadful teacher. It gives you the sense that if you've done something good and you're doing something good, you shouldn't be doing something else."Staff were initially surprised that he was raining on the parade. But Cryan says: "Then I think people realised that actually, there's something to this. If management's constantly projecting good news and the reality is somewhat different to that, you start to worry about whether senior management are making the right decisions.""Bringing the messaging back to what the people who work for Deutsche Bank know is reality, people started to give you the benefit of the doubt that you might be making the right decisions."<h2>'We needed to give people in the company a vision'</h2>Cryan's second priority? "What you've got then to do is show people the direction you think the company should go. We needed to give people in the company a vision. You've then got to get your clients to come with you because not everyone wants to change."The CEO then criticised the short-term thinking driven by quarterly reporting, saying: "Too often large corporations these days are under pressure to produce quarterly results that meet expectations, and that drives short-term thinking."We do need some of that, we have to respect the fact that other people than you are in the company. But I think you've got to have the courage to have a 3 to 5-year view of the right direction you need to take the company. Just stick to it and ignore the short-term problems."Deutsche Bank set out its "Strategy 2020" plan last October, <a href="http://blogs.wsj.com/briefly/2015/10/29/5-things-to-know-about-deutsche-banks-strategy-2020-2/">aiming to become simpler, less risky, more efficient, and more disciplined</a>.So far, it has suffered a lot of short-term problems. <a href="http://uk.businessinsider.com/deutsche-bank-results-2016-4">Profits fell 58% in the first quarter of the year</a> due to "challenging" global markets and retrenchment in certain businesses. The share price has also slid from the highs Cryan enjoyed when he initially came in.<div class="KonaFilter image-container display-table"><div><div class="image">Yahoo Finance</div></div></div>Still, Cryan is committed to his vision and a lot of that revolves around technology."We need to talk about becoming an applied technology company," he said. "You're regulated as a bank, you have the DNA of a bank, you operate as a bank, but actually these days you need to be a technology company operating in banking."Deutsche Bank isn't alone in this strategy.<a href="http://uk.businessinsider.com/goldman-sachs-has-more-engineers-than-facebook-2015-4?r=US&amp;IR=T">Goldman Sachs says it now thinks of itself as primarily as a tech company</a> and JPMorgan CEO Jamie Dimon has <a href="http://uk.businessinsider.com/jamie-dimon-shareholder-letter-and-silicon-valley-2015-4">warned that "Silicon Valley is coming"</a> and banks need to adapt fast. <a href="http://uk.businessinsider.com/deutsche-bank-ceo-john-cryan-on-the-banks-digital-transformation-2016-6">You can read more about Deutsche Bank's technology plans here.</a>Despite his ambitions, Cryan admitted that transforming a bank of Deutsche's size- <a href="https://annualreport.deutsche-bank.com/2015/ar/deutsche-bank-group/facts-and-figures.html">around 120,000 staff and €1.6 trillion in assets</a> - isn't easy."There's a lot of inertia in banking," he says. "Because it's very heavily regulated, once you've complied with the regulation you feel as though you've solved the problem. It's also a very, very big thing to change something. Nobody wants to break a process that has complex consequences and is probably working OK and it's just big."<div id="categorypromo"></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/yanis-varoufakis-dealt-stress-during-greek-default-2016-5">FORMER GREEK FINANCE MINISTER: How I dealt with stress when Greece nearly defaulted</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Znb2JtMzE6i918oifewTuusBpkFQvgTa" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Deutsche Bank CEO John Cryan explained his 2 key strategies for turning the bank around

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s <keyword id="6406769" type="ORGANIZATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> and Amitabh Chaudhry of Axis Bank are one of the highest paid Indian CEOs in the banking and finance industry. </li><li>HDFC is one of the only two banks ranking in the list of the most valued Indian brands at $4.8 billion, according to Forbes Magazine. </li><li>Following them are Uday Kotak of Kotak Mahindra Bank and ICICI Bank’s former MD and CEO among the top paid employees in the private sector banks.</li></ul>HDFC Bank’s Aditya Puri and Amitabh Chaudhry of Axis Bank are one of the highest paid Indian CEOs in the banking and finance industry. Following them are Uday Kotak of Kotak Mahindra Bank and ICICI Bank’s former MD and CEO among the top paid employees in the private sector banks. The rankings are based on the monthly remuneration of the employees, as per the company’s annual report released this year. <div type="Slideshow" msid="70657329" hostid="261" title="India' highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list" firstImageMsid="70657331" slideCount="7"></div>

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