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Sat 10 Jan 2009 08:41 AM

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Abu Dhabi-owned private bank cuts jobs

AIG Private Bank, which has branch in Dubai says 120 staff to go amid credit crunch.

Abu Dhabi-owned AIG Private Bank said it would cut up to 120 of its 420 jobs worldwide in a further indication of problems in the banking sector, which has seen tens of thousands of redundancies since the credit crisis started.

Swiss-based AIG Private Bank, which Abu Dhabi holding Aabar Investments bought from troubled US insurance giant American International Group in Dec. 2008, said 70-90 of the job losses would be in Switzerland.

Swiss banking giant Credit Suisse said in Dec. 2008 it was cutting 11 percent of its workforce, or 5,300 jobs, while main rival UBS has cut around 9,000 jobs, mainly in investment banking.

AIG Private Bank is an independent asset manager for wealthy clients with offices in Hong Kong, Shanghai, Singapore and Dubai, as well as Switzerland. (Reuters)

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