Axis Bank sees churn post Shikha at helm

“The bank has a provision for early retirement and the Srivatsas opted for it,’’ said a source in the know of the development. “Though Manju Srivatsa was heading the retail assets division she had been sidelined for the past few months. It is a more directed retirement scheme,’’ added the source.

Confirming the development a source said,“The Srivatsas’ last working day at Axis Bank was December 31,2010. They had applied for a voluntary retirement which was granted by the bank.” Bank’s spokesperson said,“The two executives opted for early retirement to pursue their own interests and the bank management has accepted it as per provisions for early retirement.”

Since,Sharma took charge as managing director and CEO,there have been quite a few changes in the team with fresh blood being inducted. Samita Shah,senior vice-president,who was handling the investment banking division,too,put in her papers in October,2010. Insiders say,the private sector bank’s acquisition of Enam Securities,has not gone well with some employees because of possible changes in portfolios. Most recently,Sujan Sinha who also was in the banks retail team quit the bank to head Shriram City Union Home Finance the housing finance subsidiary of Shriram Group. In her last assignment,Shah was MD,investment-banking,Credit Suisse. Incidentally,Shah has worked with JP Morgan and ICICI Securities in the past. In October 2010,the Bank had organised its business into strategic business units—retail banking,SMEs and agriculture; corporate banking; non-banking retail subsidiaries and corporate centre.

Earlier,the bank had a vertical structure with executive directors in charge of retail,corporate banking,mid-corporate and SME banking,and IT and business process. This restructuring,insiders say,did not go very well with old timers.

Post the exit of Srivasta there has been a reshuffle in the bank’s retail portfolio. R K Bammi,president retail banking,will now handle the retail assets and distribution,Sonu Bhasin president is incharge of retail liabilities,bank assurance and third party products,Parthasarthy Mukherjee president treasury would also oversee the retail forex and remittance business. Samir Nimavarkar,an old time retail banker,who handled the bank’s card business and other functions has been moved to the treasury department.

The first high-profile resignation was that of Hemant Kaul four months after Sharma took over when she re-organised the operational structure of the bank. Incidentally,Kaul was earlier supported by PJ Nayak,the former chairman and CEO of the bank,to succeed him as CEO. Kaul is now the chief executive officer of Bajaj Allianz General Insurance. Jairam Sridharan,an ex ICICI Banker and someone who also worked with US-based lender Capital One and a Sharma appointee is senior VP,retail assets,distribution,home loans and credit cards. He is tipped to be the key man in the retail banking team in the days to come. Sridharan was Sharma’s second senior recruit after V Srinivasan,who left JP Morgan to join the private sector bank as ED,corporate banking. The retail banking division reports to deputy managing director,S K Chakrabarti.