Standard Chartered refuses to deny job cuts

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Standard Chartered has refused to confirm or deny that it has laid off at least 80 employees in the UAE as the global financial crisis impacts the Gulf's banking sector.

"Some roles may be consolidated or restructured. This has been and is very much 'business as usual'," Noura Gwanny, corporate affairs, Standard Chartered, said in an emailed statement on Monday.

"Like all organisations, we continuously look at ways to streamline our operations to make sure we have the right resources in the right places so we can best serve our customers."

Earlier a person familiar with the matter told Arabian Business that at least 80 people had lost their jobs.

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Posted by: Charles David

This is the first of many down-scaling that will hit this region. There are already many Dubai based businesses that are on a hiring freeze, and a few that have had to temporarily curtail their business. There are some companies that are keeping quiet (like SCB) about their financial difficulties which in my opinion only adds to the facade of "business as usual" here in Dubai. I predict in the next 6-8 months that the global economic crisis will hit this region very hard and then the truth will emerge about the many small companies that have shut their doors leading up to mid 2009. Unfortunately we do not have 100% truth in disclosure in this area yet.........

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