Prem Watsa, CEO of Fairfax, declared on May 28 that the company will not reduce its workforce after acquiring a 60.7% stake in IDBI Bank.
Watsa said the firm has never cut more than 5% of its staff in 40 years, citing the COVID period as a benchmark.
The acquisition will bring Go Digit’s property and life‑insurance portfolio and IIFL Capital’s wealth‑management arm under IDBI’s umbrella, creating a one‑stop banking‑insurance platform.
Fairfax plans to grow IDBI’s 2,000‑branch network, targeting a 30% increase by 2028, while maintaining existing service terms and bonuses.
Employees, who fear uncertainty, welcomed the announcement, with Senior Relationship Manager Anil Kumar saying, "We’re relieved to know our jobs are secure."
Fairfax will launch the integrated product suite in Q1 2027, a move that could set a new industry benchmark.