Barclays confirms 150 job cuts in Dubai
Barclays has confirmed that it is cutting nearly 150 jobs in Dubai as a part of its global plan to restructure its corporate banking business.
Khaled Abdulla, Vice-President and Head of Communications at the bank told AMEinfo that the lender will be closing its office in Emaar Square and will relocate some staff to its branch in the Dubai International Financial Centre.
“To align the Middle East Corporate Banking business to Barclays’ international locations, such as the United States, as well as to our regional investment bank and wealth and investment management business, we are adopting an operating model that better leverages our global capabilities and centres of excellence,” says the spokesman for the British bank.
This culling comes close on the heels of several other local and international banks in the UAE, who collectively slashed 500 jobs since November last year.
In January, National Bank of Ras Al Khaimah (RAKBank), the sixth-largest lender by market value on the Abu Dhabi bourse, cut 150 jobs in the UAE, two sources confirmed.
Abu Dhabi-listed FGB had cut nearly 100 jobs, while HSBC and Standard Chartered reduced the strength of their staff in the UAE by 150 each.
HSBC had told AMEinfo that the move was part of its continual “review” of its overall headcount requirements.
Standard Chartered had declined to comment specifically on the Middle East or the UAE, but said it had “substantially” completed senior staff exits as a part of its decision to reduce its global headcount by 15,000.