By Staff writer
Cuts at sharia-compliant financing arm of Emirates NBD is latest sign of retrenchments in banking sector
Emirates Islamic is cutting 200 staff in the latest move by banks in the UAE to pare back their workforces, according to a report.
The National newspaper quoted unnamed banking sources confirming the retrenchments.
The bank is the sharia-compliant financing arm of Emirates NBD, the largest lender in Dubai.
Other banks to cut staff include Barclays, which is to lay off around 150 staff in Dubai and close its offices in Emaar Square, Bloomberg reported earlier this year.
The newswire quoted a source at the lender as saying Barclays would relocate bankers and support staff to its office at the Dubai International Financial Centre. The move is part of a plan to restructure its Middle East corporate banking business.
In January, the National Bank of Ras Al Khaimah (RAKBank) said expatriate staff would account for the majority of 250 job losses announced at the lender.
HSBC in November was reported to have cut 150 jobs in the UAE as part of a wider plan to slash 50,000 jobs globally.
Also in November, Bloomberg reported that Standard Chartered had laid off 11 staff, including four managing directors, at its Dubai office.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.