UAE banks cut staff, branches

Banking Frontiers - - Banking In The Gulf -

UAE banks have laid off more than 600 peo­ple in 2017-18 and re­duced the num­ber of branches, says the an­nual re­port of the UAE Banks Fed­er­a­tion. It also said there were 29,056 em­ploy­ees at na­tional banks in De­cem­ber 2017 com­pared to 29,532 in the same month the pre­vi­ous year, a re­duc­tion of 479. For­eign banks in the coun­try cut their work­force by 128, re­duc­ing staff from 7,439 to 7,311. The num­ber of na­tional bank branches also re­duced by 75 last year com­pared to 2016 from 846 to 771, while for­eign banks cut 3 branches, from 85 to 82. The re­port said bank­ing in­fra­struc­ture has been con­tract­ing since 2014, with con­sol­i­da­tion in branches and em­ploy­ees. One key area of con­sol­i­da­tion last year came through the merger of two of the coun­try’s largest banks – Na­tional Bank of Abu Dhabi and First Gulf Bank. The bank­ing sec­tor, how­ever, saw a 4.1% in­crease in de­posits last year to Dhs1627.7 bil­lion.

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