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|18 December, 2018

MOVES-UAE's FAB Securities cuts eight staff -sources

The cuts include four managers, as well as brokers and support staff, one of the sources said.

First Abu Dhabi Bank head office situated at Khalifa Business Park Abu Dhabi. Image for illustrative purposes.

First Abu Dhabi Bank head office situated at Khalifa Business Park Abu Dhabi. Image for illustrative purposes.

First Abu Dhabi Bank/ Handout via Thomson Reuters Zawya

ABU DHABI/DUBAI- Eight staff have been released by FAB Securities, a subsidiary of First Abu Dhabi Bank , the largest bank in the United Arab Emirates, sources told Reuters.

FAB was not available for immediate comment.

The cuts include four managers, as well as brokers and support staff, one of the sources said.

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The cuts come as UAE stock markets experience a year of contrasting fortunes. Dubai's main index is the worst performing in the Middle East and North Africa in the year to date and at its lowest level since mid 2013.

Abu Dhabi's main index is up 9.8 percent so far this year, but trading volumes on both markets remain slim.

FAB Securities clients can trade shares on the Abu Dhabi Securities Exchange and the Dubai Financial Market, according to its website.

FAB had earlier announced cuts following the merger of National Bank of Abu Dhabi and First Gulf Bank.

In September, Mohammed Ali Yasin stepped down as chief executive of FAB Securities. 

This month, Saleem Khokhar, head of equities at FAB's asset management arm left the bank for personal reasons, sources told Reuters

(Reporting by Stanley Carvalho and Tom Arnold; editing by Jason Neely) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))

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