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Country’s largest lender State Bank of India on Sunday said it will recruit 25,000 people this fiscal, a move at a time when the banking  majors are reducing jobs to cut costs amid global slowdown.

“For the last so many years, the bank has not been recruiting people. I understand the problem… This year, we are recruiting 20,000 people in the clerical cadre and 5,000 supervisory staff,” SBI Chairman O P Bhatt said at a SBI officers association meet in the capital.

Interestingly, in recent time, many financial institutions has showed pink slips to their employees as a measure of cost cutting due to economic slowdown.

The world’s largest bank Citigroup plans to lay off at least 10,000 employees and raise its credit card interest rates as part of its plans to return to profitability.

US credit group American Express will also lay off its 7,000 employees, amounting to around 10 per cent of its workforce. READ AT TIMES OF INDIA