Dubai's Emirates NBD to lay off 800 staff
Emirates NBD, Dubai's largest bank, said on Tuesday it is laying off around 800 people as the bank seeks to "right size" to meet its anticipated future business needs.
An Emirates NBD spokesperson said the recent developments have had a significant impact on the economy, the financial services sector and the lender itself, resulting in changes to its operations and staffing requirements.
"Unfortunately, this has meant letting go of some of our colleagues as we right-size to meet our anticipated future business needs, especially in the light of the economic forecasts that point towards challenging times ahead," he said.
"This decision was not taken lightly, and we have done our very best to treat them fairly, with respect, and set them up for success outside Emirates NBD. We remain optimistic that, as the UAE economy opens up, Emirates NBD will have the right structure to continue to support customers and help businesses grow and prosper," said the spokesperson.