In recent years, the strong digitalization wave has led to a trend of streamlining the apparatus at many banks, with the number of employees being cut by up to thousands. This streamlining is expected to help banks reduce costs, improve operational efficiency and restructure resources more effectively.
Cut costs, increase efficiency
According to assessments from customer surveys in the banking industry conducted by Vietnam Report, the number of transaction offices is no longer considered a measure of a bank's presence or competitiveness in the market. Instead, the rate of online transactions is the key indicator, demonstrating the ability to reach and serve customers in the digital age.
The recently released financial report for the second quarter of 2025 shows that Loc Phat Bank ( LPBank ) has cut 367 employees in just three months, bringing the total number of employees cut in the past 12 months to 2,900, equivalent to a decrease of 24%. This is a remarkable number when placed in the context of the bank's previous personnel size which was not too large.
Not only LPBank, many other commercial banks are also witnessing a strong wave of workforce reduction. In the first quarter of 2025, Sacombank reduced 930 employees, bringing the total number of employees down to 16,128, down more than 5% compared to the end of 2024. Previously, throughout 2024, this bank continuously streamlined its staff every quarter, from 17,412 to 17,058.
Similarly, VIB recorded a reduction of 495 employees in the first quarter of this year, equivalent to more than 4%, and a total of 750 employees have been laid off within a year, accounting for about 6.5%. TPBank also followed the general trend when it reduced 124 employees in the first three months of the year, equivalent to about 1.6% of the total workforce. TPBank's leaders said that process innovation and streamlining the apparatus are helping the bank reduce operating costs, and at the same time, it aims to cut another 300 to 500 employees to optimize operations.
Some other banks such as VPBank, NCB or KienlongBank have also recently cut staff, but the reduction is only under 100 people, showing that the scale of streamlining is still at a moderate level.
A survey of the financial reports of the second quarter of 2025 of banks shows that most of the units that cut staff in the first half of this year recorded positive profit growth. Specifically, LPBank's net interest income in the second quarter reached VND 3,735 billion, a slight increase of 2.5% over the same period. However, due to increased operating costs, pre-tax profit decreased slightly to VND 2,988 billion. In the first 6 months of the year, LPBank's net interest income reached VND 7,018 billion, down more than 1%, but pre-tax profit reached VND 6,164 billion, up 4% over the same period last year.
It is worth noting that despite the significant reduction in staff, LPBank's total employee expenses still increased by 8% in the first half of the year, to VND1,557 billion. The average monthly income of employees also improved significantly, from VND21.19 million in the same period last year to VND26.94 million in the first 6 months of this year.
TPBank's business performance in the first 6 months of the year also recorded many positive points, with pre-tax profit estimated at over VND4,100 billion, up more than 12% over the same period. This result was achieved thanks to credit growth of nearly 11.7%, focusing on retail, controlled real estate and consumer finance, which are areas that bring high net profit margins.
At NCB, the second quarter of this year continued to record positive after-tax profit, estimated at more than VND 311 billion. In the first 6 months of the year, after-tax profit reached more than VND 462 billion, a sharp increase compared to VND 6 billion in the same period in 2024. Meanwhile, KienlongBank reported consolidated pre-tax profit in the second quarter of VND 565 billion, an increase of more than 67% over the same period last year. This is the highest quarterly profit of this bank since the first quarter of 2021. Total pre-tax profit in the first 6 months of the year reached VND 921 billion, a sharp increase compared to the same period and has completed nearly 67% of the business plan for the whole year of 2025.
The driving force for KienlongBank's profit growth in the first half of this year came from increased revenue and good control of operating costs. Although some banks have not yet announced their second quarter financial reports, their first quarter results also showed a positive trend, typically Sacombank with pre-tax profit of more than VND3,674 billion, up nearly 38%, and VIB reaching more than VND2,400 billion, up 7% over the same period last year.
Digitalization creates pressure to restructure human resources in the banking industry
Associate Professor Dr. Nguyen Huu Huan (Ho Chi Minh City University of Economics) commented that the wave of staff cuts is not only happening in Vietnam but is also a global trend, taking place in many different fields, including the banking industry. One of the main reasons is the strong development of the digital transformation process, when many jobs are done on online platforms, leading to a significant decrease in the demand for traditional personnel.
Mr. Huan analyzed that many banks still maintain strong growth in market share, customer base and revenue without opening more branches, thanks to promoting customer service through online channels. The application of information technology and digital transformation causes a part of the workforce to lose their jobs, which is a reality. In that context, workers are forced to quickly master technology, supplement skills and improve their professional qualifications to avoid being eliminated.
When banks streamline their organization, the common point is to cut down on intermediate levels in the organizational system. ABBank representative said that the bank has rearranged the organization at the Head Office, reduced the number of intermediate levels and transferred personnel to business units. Vague positions with unclear roles in business departments have also been eliminated.
ABBank Vice Chairman of the Board of Directors, Mr. Vu Van Tien, said that in the context of increasingly strong digitalization, streamlining personnel is an inevitable trend. There are departments at the bank that have reduced the number of employees by 30 - 40% to save costs and improve efficiency. Mr. Tien emphasized that ABBank has invested in technology infrastructure many years ago and now, each employee must use technology effectively, with clear direction and responsibility.
Meanwhile, TPBank has chosen to invest in automation. Hundreds of robots have been deployed to take on repetitive tasks in operations and transaction departments. General Director Nguyen Hung said that thanks to this, human resources can focus on creative work, creating higher added value for the bank.
Regarding employment prospects in the second half of the year, the State Bank said that nearly half of credit institutions plan to hire more staff, while less than a quarter of banks continue to plan to cut jobs. However, industry leaders believe that the restructuring trend will continue until at least 2030. However, the demand for positions related to technology, data, artificial intelligence and cybersecurity continues to increase.
Source: https://baolamdong.vn/nhung-ngan-hang-nao-cat-giam-nhan-su-nhieu-nhat-nua-dau-nam-2025-383499.html
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