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Abu Dhabi Commercial Bank.

PHOTO BY ARCHIVE


ADCB job cuts in UAE to affect hundreds

 

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


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