Banking & Finance
UAE’s Commercial Bank Plans to Cut Up to 18% of Its Workforce
(Bloomberg) — Commercial Bank International will trim as much as 18% of its workforce through a voluntary redundancy program as the United Arab Emirates lender withdraws from some business segments, people with knowledge of the plan said.
Between 80 to 100 people are expected to accept the offer, said the people, asking not to be identified because the information is private. The bank employs about 550 people across nine branches.
Read this: Top Bankers Descend on Dubai Ritz as Aramco IPO Work Starts
The Dubai-based firm, 40% owned by Qatar National Bank, plans to exit unsecured retail lending such as personal loans and will focus on affluent clients within consumer banking and its corporate-banking business, one of the people said. It is still early in the process and no timing has been set, one person said.
Read this: Emirates NBD Near to Hiring Banks for $2 Billion Rights Sale
The voluntary redundancy program is part of the bank’s transformation strategy and will help “generate sustainable growth, improve efficiency and continue delivering high quality services to all of our customers,” Commercial Bank said in an emailed statement. “As part of this program, we will continue to support and treat our people fairly and provide them with choices.”
Read this: Bank Muscat’s Money Market Fund records highest industry annualised return
The reorganization is the lender’s second in two years. In 2017, Commercial Bank cut about 125 jobs and reduced the number of branches to 17 from 27. About 50 banks operate in the UAE where competitive pressures are pushing companies to cut costs and explore mergers to boost profit.
Mashreqbank is reducing branches as more customers move to online banking, while Abu Dhabi Commercial Bank may shed about 2,000 jobs following a three-way merger. Barclays was said in July to have cut about 20 jobs in its wealth management business in Dubai.
-
Oil & Gas2 months ago
Oman Oil Exports Exceed 135.3m Barrels by End of June 2024
-
Commodities2 weeks ago
Gold Rangebound as Investors Brace for Key US Economic Data
-
OERLive TV2 months ago
H.E. Salim Al Aufi, Minister of Energy & Minerals talks about Oman’s Green Hydrogen Goals
-
Banking & Finance3 weeks ago
Apple Pay Officially Launched in Oman
-
Uncategorized2 weeks ago
Oman Oil Marketing Company partners with Ihsaan Association to support its activities
-
Investment2 weeks ago
With Over RO600M in Foreign Investments, Future Fund Oman Unveils the First Batch of Investment Projects with an Overall Value of RO830M+
-
OER Magazines4 weeks ago
OER, September 2024
-
Alamaliktistaad Magazines1 month ago
Al-iktisaad, September 24