Bank Street, Bur Dubai.
PHOTO BY ARCHIVE
DUBAI – The UAE Central Bank on Saturday (February 22) said it is closely following the downsizing among banks in the country, with 49 bank branches closed in the UAE and 930 employees laid off in 2019.
The Central Bank said it will ensure that the downsizing will not adversely affect regulatory compliance and market conduct.
According to the Central Bank’s data, the number of bank employees fell from 36,448 to 35,518 in the third quarter, while the number of branches fell from 713 in June to 664 in September 2019.
Last year, hundreds of employees lost their jobs after a merger between Abu Dhabi Commercial Bank and Union National Bank. The combined entity acquired Al Hilal Bank.
On Tuesday, HSBC announced 35,000 job cuts across its global network, including 40 in the UAE, after its profits plunged by nearly 50 percent in 2019.
Earlier this month, First Abu Dhabi Bank also laid off hundreds of employees. Emirates NBD reportedly cut around 100 jobs.
In September, Commercial Bank International announced that it would offer voluntary retirement to employees, resulting in more than 100 job cuts.
“With an ever-changing business landscape and technological advancements, banks are reviewing their business lines, cost and revenue base, and make the necessary adjustments in view of the fast-evolving competitive environment,” the UAE Central Bank said.
“The Central Bank continues its efforts towards Emiratisation in the banking sector and obliges banks in the UAE to achieve 40 per cent Emiratisation within 3 years,” the Central Bank said in a statement. ICA/Expat Media
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