A bank based in Dubai will soon cut up to 800 more jobs among its workforce to cushion the impact of the coronavirus disease (COVID-19).
Emirates NBD, known as Dubai’s largest bank, stated that the spread of COVID-19 accelerated their plans to lay-off nearly 10% of their staff, most of whom are based in the UAE.
“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,” said the statement from Emirates NBD as per reports from Reuters.
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Reuters furthered that employees from the financial institution’s private banking arm and its other parts will most likely be affected by the job cuts, citing the bank’s ongoing digitalisation process.
“It was already in the plan for 2020, especially with the digitalisation of the bank, but the impact of coronavirus accelerated it,” citing a source.
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The statement from Emirates NBD affirmed its customers and the public that the bank expresses optimism that the country’s ongoing steps towards reopening to the world will help the entire country prosper and rise once again.
“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 statement.
