Big changes in banking personnel: More than 7,000 people leave the industry after 9 months

(Dan Tri) - In the first three quarters of the year, thousands of bank employees quit their jobs, reflecting the strong restructuring trend taking place throughout the industry.

Financial reports for the first nine months of the year published by banks show that the total number of employees working as of the end of September had decreased by more than 7,000 people compared to the beginning of the year, the sharpest decrease in the same period in many years.

3 banks reduce more than 1,000 employees after 9 months

According to statistics from the third quarter financial reports of 27 commercial banks that have been announced, by the end of September, 15 banks recorded a decrease in the number of employees and 12 units increased their staff compared to the end of last year.

LPBank is the bank that has cut staff the most drastically in the first 9 months of this year. With 9,416 employees as of September 30, the number of LPBank staff has decreased by 1,773 people in just 9 months. Along with LPBank, VIB and Sacombank have a decrease of over 1,000 employees. Accordingly, in the past 6 months, Sacombank has cut 1,354 employees, the number at VIB is 1,096 people...

Meanwhile, last year, Sacombank reduced 354 employees, VIB reduced 476 employees, LPBank even increased 562 employees.

Some other units maintained the trend of cutting staff, with a reduction of hundreds of people. Of which, ABBank reduced 589 people, Vietcombank reduced 492 people, HDBank reduced 488 people, KienlongBank reduced 447 people...

10 banks with the sharpest decrease in number of employees in 9 months (Photo: My Tam).

Despite staff cuts, many banks still increased costs for employees in the first 9 months of the year.

At LPBank, total expenditure for employees (including salaries, allowances, salary-based contributions, severance pay and other expenses) reached VND2,359 billion, up nearly 2% over the same period last year. The average income of LPBank employees reached VND27.5 million/month, up 23%, of which the average salary increased by 28%, to VND24.7 million/month.

Similarly, Sacombank recorded a 10% increase in staff costs, reaching VND6,493 billion, bringing the average income of employees to VND41.3 million/month, 16% higher than the same period. Meanwhile, at VIB, the average income reached VND36.07 million/month, an increase of 15% compared to the same period in 2024.

On the other hand, some banks increased their staff in the first half of this year. Among the “big 4” state-owned banks, BIDV added 818 employees, bringing the total to nearly 29,816 people - the largest group in the system.

In the private sector, Techcombank increased its staff by 699, VPBank and MB by 268 and 249, respectively. In addition, Nam A Bank, SHB, Bac A Bank, NCB and BVBank also recorded a significant increase in staff in the past 9 months.

Inevitable move in the digital age?

At the State Bank's third-quarter press conference, Mr. Pham Chi Quang, Director of the Monetary Policy Department, said the trend of cutting staff is taking place in parallel with the restructuring process and application of technology in the banking system.

According to Mr. Quang, since 2022, the banking industry has made efforts to reduce operating costs through many solutions such as restructuring the apparatus, automating transaction processes and expanding online services.

“The goal of streamlining is not only to optimize operations, but more importantly to create room to reduce loan interest rates, supporting businesses and people,” Mr. Quang emphasized.

An employee checks a money transaction at a bank branch (Photo: Manh Quan).

According to Mr. Nguyen Quang Huy, CEO of the Faculty of Finance and Banking (Nguyen Trai University), the wave of streamlining personnel not only reflects cost pressure, but also shows a profound strategic shift in the digital banking era. According to him, the simultaneous restructuring of personnel is a step in preparation for a new, more efficient operating model, based on a technology platform.

Mr. Huy said that in the context of Vietnam aiming to build an international financial center and expecting GDP growth of billions of USD each year, the banking system plays a core role in leading capital flows, innovating operating models and promoting global integration.

"The current process of cutting staff is mainly aimed at restructuring the organization in a more streamlined and flexible direction, with technology as the foundation. Instead of narrowing down operations, banks are preparing for a period of expansion in scale and service quality, especially in the context of the economy's increasingly diverse and complex financial needs," he said.

Source: https://dantri.com.vn/kinh-doanh/bien-dong-lon-ve-nhan-su-ngan-hang-hon-7000-nguoi-roi-nganh-sau-9-thang-20251111130927165.htm