ICICI Bank, India's second largest private sector lender, saw the biggest workforce reduction among its peers in FY26. The lender's permanent employee count fell by 5,148, compared with a decline of 3,343 at HDFC Bank, 3,100 at Axis Bank and 1,269 at Kotak Mahindra Bank. Including ICICI Bank, the four lenders together reduced their workforce by 12,860 employees during FY26.