Emirates NBD, Dubai’s largest bank, is cutting some 10 per cent of its staff, equivalent to around 800 people, Gulf News has reported citing sources. The majority of the redundancies are in the UAE, it said.
Emirates NBD said in a statement that recent developments in the wake of the COVID-19 pandemic have had a significant impact on the economy, the financial services sector and the bank.
“This has meant letting go of some of our colleagues as we right-size to meet our anticipated future business needs, especially in the light of the economic forecasts that point towards challenging times ahead,” it said. “We remain optimistic that, as the UAE economy opens up, Emirates NBD will have the right structure to continue to support customers and help businesses grow and prosper.”
According to a source, the cuts will likely include employees from the private banking arm and other parts of Emirates NBD.
Emirates NBD already had plans to invest 1 billion dirhams in digital technology over four years ending 2020, so the cuts were expected but the pandemic accelerated it.