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Thu 28 Nov 2019 06:20 PM

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Dubai's biggest bank said to cut up to 500 jobs

Sources say Emirates NBD has made staffing cuts across several areas of the bank's operations

Dubai's biggest bank said to cut up to 500 jobs
Emirates NBD is Dubai's largest bank.

Dubai's largest bank, Emirates NBD, has reportedly cut up to 500 jobs since October.

Reuters quoted sources familiar with the matter as saying the cuts were part of efforts by UAE banks to reduce costs amid slower economic growth.

The cuts have been across several areas of the bank, which employs 12,000 people in the UAE, it was reported, adding that the retail and technology operations were the most affected.

Emirates NBD declined to comment, Reuters said.

Moody's Investors Service this week said the outlook for GCC banks remains stable, underpinned by solid economic growth, and by the banks' strong capital buffers and substantial liquidity.

The ratings agency said Gulf government spending programs will push average non-hydrocarbon GDP growth to 2.6 percent in 2020, providing favourable operating conditions for the region's banks.

Moody's said its outlook is stable for all GCC banking systems except Oman where it sees asset quality weakening as lower oil prices have dented government spending, while constrained government finances is expected to limit banks' access to funding and liquidity.

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