HSBC cut jobs in UAE as bank look to reduce costs

epa07543896 (FILE) - The HSBC bank headquarters in London, Britain, 18 January 2017, reissued 03 May 2019. HSBC reported on 03 May 2019 a profit after tax up 31 percent to 4.9 biliion US dollars or 4.39 billion euros for the first quarter of 2019 up from the first quarter of 2018. EPA-EFE/FACUNDO ARRIZABALAGA

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HSBC Holdings has laid off about 40 bankers in the United Arab Emirates (UAE) and Emirates NBD is cutting around 100 jobs, as banks in the Arab world’s second-biggest economy reduce costs, sources familiar with the move told Reuters.

The job cuts come at a time of weak economic growth, especially in the region’s business hub – Dubai – which is suffering from a property downturn.

HSBC’s redundancies came after the London-based bank reported a sharp fall in earnings and warned of a costly restructuring, as interim Chief Executive Noel Quinn seeks to tackle its problems head-on in his bid for the full-time role.

HSBC has about 3,000 staff in the UAE, part of its nearly 10,000 workforce in the Middle East, North Africa and Turkey region.

Via Reuters

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