dubai’s emirates nbd plans 15 staff cut this week
Friday 24 January 2025
Last Updated : GMT 06:49:16
Arab Today, arab today

Dubai’s Emirates NBD plans 15% staff cut this week

Arab Today, arab today

Arab Today, arab today Dubai’s Emirates NBD plans 15% staff cut this week

Dubai - Arabstoday

Emirates NBD, Dubai’s largest bank which has been grappling with impairments, plans to lay off up to 15 per cent of its workforce, three sources familiar with the matter said on Monday. “There has been no official communication from the bank yet to the employees but around 15 per cent of employees will be let go as part of the move. This is said to be a board decision and there have been some cuts already this week. It was pretty unexpected,” a source at the bank said. The bank has 8,000 employees, according to its website. “It’s 15 per cent across the board, no specific departments are targeted at the bank. The goal is to cut costs by 15 per cent. Layoffs will be done this week,” another source said. The lender posted a 62 per cent decline in fourth-quarter net profit, as provisioning due to non-performing loans hurt its performance. ENBD, 55.6 per cent government-owned through the Investment Corporation of Dubai, was ordered by Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum in October to take over Dubai Bank. The UAE federal finance ministry gave it a Dh2.8 billion ($762 million), eight-year loan at below market rates to help absorb the Dubai Bank acquisition, Surya Subramanian, ENBD’s chief financial officer, said last month.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dubai’s emirates nbd plans 15 staff cut this week dubai’s emirates nbd plans 15 staff cut this week

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dubai’s emirates nbd plans 15 staff cut this week dubai’s emirates nbd plans 15 staff cut this week

 



GMT 15:46 2018 Wednesday ,12 December

Festive Fashion by Dubai-based designer ASMARAÏA

GMT 12:31 2017 Thursday ,02 November

Gala Dinner Wednesday 8 November, 7.30pm

GMT 13:44 2018 Tuesday ,23 January

Ibrahim meets UNIFIL Commander

GMT 04:23 2017 Saturday ,30 December

Iraq faces 'new war' - on corruption

GMT 13:20 2017 Friday ,29 December

PML-N achieved milestone with inauguration of Hazara

GMT 14:30 2017 Wednesday ,08 March

China’s FX reserves rebound above $3tr

GMT 02:59 2017 Thursday ,12 January

Emirates challenging us for future A380 version

GMT 05:23 2017 Thursday ,10 August

UAE in talks to facilitate air transport with India

GMT 00:43 2016 Thursday ,18 August

Kenya wins East Africa military games

GMT 06:16 2017 Thursday ,16 March

Partnership between Dams Implementation Unit,

GMT 02:08 2017 Tuesday ,12 September

Saudi Airline says US laptop ban lifted

GMT 11:59 2017 Tuesday ,25 April

PSG, Monaco renew battle in French Cup semi-final

GMT 21:24 2017 Thursday ,30 November

Governor of Makkah meets UAE Ambassador
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday