|28 April, 2019

UAE's United Arab Bank cuts 150 jobs: sources

Banks in the United Arab Emirates have cut thousands of jobs in recent years

Close up of United Arab Emirates Currency notes.

Close up of United Arab Emirates Currency notes.

Gettyimages

ABU DHABI: United Arab Bank made about 150 staff redundant last week as part of cost cutting and efficiency measures, three sources told Reuters.

The bank said in a statement it had completed an assessment of its human resources requirements that concluded it had "excess capacity", without giving details.

"Letting go of talent is never an easy decision," it said.

Banks in the United Arab Emirates have cut thousands of jobs in recent years due to a slowing economy and consolidation in the banking sector.

The job cuts at Abu Dhabi-listed UAB have hit mostly junior and middle level staff and some senior positions, the sources said, declining to be named citing confidentiality.

Last month UAB appointed a new chief executive, Ahmad Mohammad Abu Eideh, who assumed office on March 10.

The Sharjah government is weighing a merger between Bank of Sharjah, Invest Bank and UAB, sources told Reuters last year. (Reporting by Stanley Carvalho; Editing by Toby Chopra)

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