In a move to make itself lean & fit, state-owned lender Union Bank of India has restructured the organisation by doing away with a whole tier, consisting of nine zonal offices. Instead, the banks regional offices will be strengthened. The decision was implemented earlier this week, according to MV Nair, chairman & managing director of the bank.
We have removed the zonal office tier from the organisation to become a flatter entity and re-deployed 246 employees. The move will improve our decision making by 33 percent, Nair said.