Abu Dhabi bank looking to trim costs amid financial turmoil, cuts relate to outsourced people, exec says.
The United Arab Emirates' First Gulf Bank has cut "scores of jobs" to trim costs following the global financial turmoil, a senior bank executive said.
"It is not that we have cut hundreds of jobs. Maybe a few scores of jobs. Most of the job cuts relate to outsourced people," the executive told newswire Reuters.
"In times of recession you get rid of people and in boom times you hire people," the official said, asking not to be named as he is not authorised to speak to the media.
FGB outsources several jobs to various firms.
The bank said in a statement that "many business decisions have been taken over the past months to adjust to market circumstances".
Let me quote the spokesperson: "In times of recession you get rid of people and in boom times you hire people." He obviously doesn't value people very much, does he? It's pathetic to see his attitude, and I still get calls from First Gulf twice a month!
So it's official then, crisis is starting to hit Abu Dhabi. Who said they were immune?
Not only FGB but there are many other banks doing to the same or planning to do the same. This is not a good sign for a big bank that firing the staff is the cost cutting for them, there are many other possibilities for the banks and their advisors should properly guide them for the same.
Mr. Executive, in business terms you hire human beings and you down scale human beings. Learn savoire vivre
How is it official that crises has hit abu dhabi? FGB operates nationwide and has thousands upon thousands of low-level credit card / sales people that dont need to be around anymore; how is that a sign that abu dhabi, with 90 years of oil reserves left, an 800 billion dollar SWF, and debt levels of less than 14% of the GDP is not immune anymore? -an Expat
This obviously speaks VOLUMES of the credentials of so many so-called "managers" who believe that the quickest way out is to FIRE people!! I guess u could also put it down to a cultural way of looking at it. Well run organisations don't suddenly have a crisis when there is a sneeze in one corner but instead whether most crisis. But thats only fi they are well-run which obviously is not the case in most places. Which brings us to the fact that the fault lies at the "managements" of such places. So they go & fire people to hide their own incapabilities as "managers"
you can't expect a firm to keep employees when they can't afford them - its a business not some sort of charity at the end of day.
Abu Dhabi has a SWF worth over $800billion it has oil reserves lasting over 90 YEARS at current production rates of 2.5 million barrels a day it has a stable infrastructure that is not crumbling it is the seat of the capital, and funds the northern emirates as well. just because FGB decides to fire outsourced sales people, that is in absolutely no shape or form an indicator on how ABU DHABI operates. people need to realise that one or two or 10 rain drops will not lead to the storm of the century. stop this fear mongering and get a grip over yourselves. Abu Dhabi is stable. It has been stable in the past, it will be stable in the future. the sooner people realize that, the better off they will be. those who have been laid off can find other jobs. If they don't, they can always go back to where they came from, and return here at a later time.
Clearly the Official does not care for the people (his co-workers), i am sure he is happy his arse was off the line. No wonder he does not want to name himself.
In fact, any organisation evaluates staff performance periodically and do the needful like training and orientation repeatedly to enhance the staff performance. Repeat such exercises and still if one doesn't match the banks competitive environment, any such organisation or management is forced to replace, I would say that we have seen people joining the bank even a week back, we are still stable.