Abu Dhabi Commercial Bank.
PHOTO BY ARCHIVE
DUBAI – Abu Dhabi Commercial Bank (ADCB) announced job cuts that are expected to affect hundreds of employees amid the coronavirus pandemic.
The layoffs will affect 400 ADCB employees, sources said. ADCB, in a statement, did not specify the number of people who will be made redundant.
A spokesman for the UAE-based bank said “a certain number of redundancies are therefore expected every year in the normal course of business”.
The bank is reportedly looking at closing 20 branches in cost-cutting efforts.
In March, ADCB had said it will not make employees redundant in 2020, however, the bank in May reported an 84 percent fall in net profit for the first quarter.
The major lender was impacted by $292 million on debt exposure to controversy-hit hospital operator NMC Health and payments group Finablr. ICA/Expat Media
Indian expat gives birth at hospital driveway in Sharjah
25 million jobs at risk of disappearing, says IATA
Alyssa Milano on surviving Covid-19 and lingering symptoms
Video: Dubai Police hails Filipino hero nurse who beat Covid-19
UAE exempts Covid-19 vaccine trial volunteers from coronavirus test
125 shops destroyed in Ajman souq fire
RAKBank to close 25% of Dubai, Sharjah, Abu Dhabi branches
GDRFA launches Dubai E-Documents System to screen fakes
Yas Waterworld reopens in Abu Dhabi
Indian jobhunters with UAE visit visa, tourist visa unlikely to be allowed travel