In a recent official mail to the entire staff, founders Kunal Bahl and Rohit Bansal admitted to the need to tighten the belt and in the process, let go of some people.
The distressed bank is expected to report losses of £2.3bn for 2016, in its financial results to be published soon.
Operations managers across the country have been sent e-mails to “right size” their respective teams.
Journalists who have spent more than two decades have been promised a basic salary till their retirement age.
The layoffs happen at a time when the company is focussing and investing heavily on software, robotics and AI.
The company plans to cut six percent of its global workforce because of fourth-quarter results going way below expectations.
This time, as part of the restructuring exercise, the lay-offs are reportedly going to affect the stores’ large human resources department.