HSBC Holdings has laid off about 40 bankers in the United Arab Emirates (UAE) and Emirates NBD is cutting around 100 jobs, as banks in the Arab world’s second-biggest economy reduce costs, sources familiar with the move told Reuters.
The job cuts come at a time of weak economic growth, especially in the region’s business hub – Dubai – which is suffering from a property downturn.
HSBC’s redundancies came after the London-based bank reported a sharp fall in earnings and warned of a costly restructuring, as interim Chief Executive Noel Quinn seeks to tackle its problems head-on in his bid for the full-time role.
HSBC has about 3,000 staff in the UAE, part of its nearly 10,000 workforce in the Middle East, North Africa and Turkey region.
Via Reuters
