U.A.E. Central Bank Is Monitoring Job Cuts in Financial Sector
U.A.E. Central Bank Is Monitoring Job Cuts in Financial Sector
(Bloomberg) -- The United Arab Emirates’ central bank said it’s “closely” monitoring job cuts in the country’s financial sector.
“We are closely following the recent occurrences of downsizing amongst financial institutions in the country to ensure that downsizing is not adversely affecting regulatory compliance and market conduct,” the central bank said in a statement.
Abu Dhabi Islamic Bank PJSC is seeking to save about 500 million dirhams ($136 million) by cutting jobs and closing branches, Bloomberg reported earlier this month. The lender joins competitors such as First Abu Dhabi Bank PJSC and Emirates NBD PJSC in reducing their workforce.
Sluggish economic growth is weighing on the U.A.E.’s finance industry. Job losses also follow the merger of banks in the past years.
To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net
To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net
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