Yes Bank shares gain after top management changes

Yes Bank in focus: Shares of private lender Yes Bank jumped as much as 2 per cent on Wednesday after the company announced the appointment of Manish Jain as the country head, wholesale banking, with effect from September 27.

As of 1:25 pm, the shares of Yes Bank were trading 0.63 per cent higher at Rs 17.47 per share. However, the stock has remained under pressure this year as it has been down over 19 per cent year-to-date (YTD).

Manish Jain's appointment came after Ravi Thota resigned from the post of country head, wholesale banking, with effect from September 26, 2023.

This is the second appointment in the month. Last week, Pankaj Sharma was appointed as Chief Strategy and Transformation Officer of the Bank. 

In the new role, Jain will be responsible for spearheading the Wholesale Banking business at YES Bank encompassing emerging local corporates, transaction banking group and institutional & government banking, the statement added.

With three decades of experience, Jain is a senior banking professional who had served for 23 years at Standard Chartered Bank. He worked in diverse geographical locations throughout India serving all clients segments like large local corporates, strategic groups, middle market companies, supply chain finance, transaction banking sales, multinational corporates, financial institutions and SMEs.

Prior to Standard Chartered Bank, he worked with Ernst & Young Consulting. Jain holds a Master of Business Administration (MBA) degree from IIM Bangalore and is a B. Tech in Mechanical Engineering from IIT Delhi.