UAE banks, especially those with large retail opera-tions are headed for more redundancies as busi-nesses is contracting fast and margins are thinning, according to banking industry sources.
Last month Emirates NBD acknowledged job cuts of 800 people on a single day.
Sources in the bank said the numbers could climb further in the second half of the year.
While ADCB has let go 400 people this month, a few other smaller banks too have been implement-ing job cuts and branch closures quietly.
Two mid-sized banks are understood to be in the process of closing seven and nine branches respectively in the current quarter.—Agencies