Leading UAE bank to shed 15% workforce

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Emirates NBD has just over AED8 billion ($2.18bn) in debt maturing this year, including a $1.5bn loan due in October. Photo - Reuters

According to Bloomberg report citing inside sources, Emirates NBD has plans of cutting around 15% of its workforce in a bid to reduce costs and overheads.

More than 500 employees across all departments are likely to be affected by the job cuts which would be carried out this month, said one source on condition of anonymity. The source added that reductions will only affect Emirates NBD and not its sister concerns like Emirates Islamic Bank and Dubai Bank. The government of Dubai owns 56% of Emirates NBD.

Emirates NBD spokesman declined to comment on the news.

The UAE has seen a substantial increase in loan defaults after global financial crisis dented the country’s real-estate industry. Emirates NBD, Dubai’s biggest bank, is one of the biggest lenders to state-owned Dubai World which restructured $25bn of its debt after delaying payments in 2009.

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