A spokesman for Standard Chartered announced, Wednesday, that the bank will lay off some of its employees in the United Arab Emirates.
The spokesman said, “In line with our commitment to develop the bank and ensure its competitiveness in the future, a number of jobs are being cut.”
The spokesman did not comment on the number released.
And she was “Bloomberg NewsEarlier, she reported the news of job cuts in the UAE, saying that it includes more than 100 positions, which is the latest measure taken by the bank to reduce costs globally.
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The job cuts will be in the bank’s retail and global banking division, Bloomberg cited two sources familiar with the matter.
The bank employs about 1,700 people in the United Arab Emirates.
The UAE is the largest market for Standard Chartered businesses in the Middle East and Africa. The region suffered from the tough first six months of 2020, as profits fell 80 percent after the drop in oil prices.
The cuts come shortly after private Standard Chartered bank scrapped positions in Dubai and London.
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