Noor Bank cuts staff
Dubai’s Noor Bank has given pink slips to several of its employees, according to news reports. While the number of job losses is below 100, the reports suggested the final figure for the planned redundancies could be more than 200. The Islamic bank’s total workforce was around 1,200 to 1,500. The bank said in a statement, it has seen significant growth over the past few years - and following a robust evaluation, believes that now is the time to streamline its functions and align to a new operating model. The reports also said the bank’s corporate and investment banking units would not be affected by the job cuts.