UAE banks headed for more job losses in second half of 2020



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

Previous articleFee for renewal of licences exempted in ICT, GB
Next articlePakistani French company launches cricket bat brand