By Staff writer
In a statement, the bank said it had been severely impacted by the impact of the Covid-19 pandemic
Dubai-based Emirates NBD – the emirate’s largest bank – has reportedly begun slashing hundreds of job this week amid the economic impact of the Covid-19 pandemic.
A source contacted by Arabian Business reported that the number of redundancies could reach as high as 1,200.
Citing an anonymous source, Reuters has also reported that the bank is cutting as much as 10 percent of our staff – about 800 people.
In a statement sent to Arabian Business, Emirates NBD said that the bank and the UAE’s economy had been severely impacted by the Covid-19 pandemic.
“This has meant letting go of some of our colleagues as we right size to meet our anticipated future business needs, especially in the light of the economic forecasts that point towards challenging times ahead,” the statement said.
“We remain optimistic that, as the UAE economy opens up, Emirates NBD will have the right structure to continue to support customers and help businesses grow and prosper.”
Another anonymous source quoted by Reuters said that the cuts were already planned – particularly in light of plans to invest $272 million in digital technology – and were accelerated as a result of the pandemic.