SBI, associates merger may lead to cut in fresh hires by 20%

Moneycontrol BureauThe SBI merger with its associates is not going to lead to any lay-offs. But it may slash new hirings by 20 percent next year, says a Business Standard report. The lender on an average adds around 13,000 to its clerical staff every year. But after a slowdown in the past few years with only 5,635 hired in FY15 and none hired in FY16, it is planning to hire 17,000 this year. "Already, associate banks have stopped filling vacancies. The day we decided on a merger, we knew not to opt for new recruitment in the associate banks. We won’t drastically cut down on hirings; there is a need to infuse fresh blood,” an SBI official told Business Standard.