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Sun 17 Jan 2016 03:52 PM

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UAE's RAKBank to cut up to 250 jobs as part of review

UAE lenders have been adjusting staffing levels in recent weeks as they react to deteriorating market conditions

UAE's RAKBank to cut up to 250 jobs as part of review

National Bank of Ras Al Khaimah (RAKBANK) will cut up to 250 jobs as part of a review of the lender's organisational structure, a spokeswoman for the Abu Dhabi-listed bank said on Sunday.

Banks in the United Arab Emirates have been adjusting staffing levels in recent weeks as they react to deteriorating market conditions and tighter liquidity caused by lower oil prices.

"RAKBANK revisited the organisation structure of select departments and made changes where necessary to improve synergy and efficiency across the bank. We are confident the new structure is better positioned for continued success," the bank said in a statement.

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