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Thu 6 May 2010 08:43 AM

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UAE cenbank data shows 1,885 banking jobs lost last year

Figures reveal the extent of banking sector job losses amid global financial crisis.

UAE cenbank data shows 1,885 banking jobs lost last year
JOB LOSSES: A total of 37,704 people were employed by UAE banks at the end of 2009, compared to 39,589 at the end of 2008.

The UAE’s banking sector shed 1,885 jobs last year due to the impact of the global financial crisis, the latest figures from the central bank show.

A total of 37,704 people were employed by UAE banks at the end of 2009, excluding auxiliary staff, down from 39,589 at the end of 2008, Emirates Business reports.

Employment declined most at the end of October, when it fell to 37,242 people, but picked up towards the end of the year when 462 new staff were hired, the statistics show.

Financial analysts told the paper the upward trend was continuing this year.

"We have definitely seen much more hiring activity in Q1 2010, compared with a very slow Q1 2009, especially among investment banks in the DIFC," Ian Giulianotti, associate director, Nadia Recruitment and Management, told Emirates Business.

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