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Fri 13 Nov 2009 10:50 AM

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Mideast not to be hurt by 5,000 Lloyds job cuts

UK-based global bank had announced 5,000 more roles would be cut by 2010-end.

Mideast not to be hurt by 5,000 Lloyds job cuts
JOB LOSSES: Mideast will not be among the 550 offshore positions that will be affected.(Getty Images)

Lloyds Banking Group has confirmed that the Middle East will not be part the 5,000 job cuts planned by the group this year.

The London-based global bank announced that a further 5,000 roles would be cut by the end of 2010 in its operations, insurance and mortgage divisions, however the Middle East will not be among the 550 offshore positions that will be affected.

“There isn’t any impact [in the Middle East] you need to worry about. It is a UK focused announcement,” a spokesman confirmed to Arabian Business on Thursday.

Early this month a senior UAE banker warned that a second wave of job cuts could hit the country next year as companies continue to struggle amid the global downturn.

Chris de Bruin, the country head of consumer banking at Standard Chartered estimated that up to 1,000 jobs had been lost so far in local banks.

“We are not out of the woods yet, by no stretch of imagination. We may see some corporate failures and stress in the corporate world,” de Bruin had said in comments published on Sunday by UAE daily The National.

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