Barclays to dismiss nearly 150 staff in Dubai

London-based Barclays will dismiss nearly 150 staff in Dubai as it restructures its corporate banking business in the Middle East, a spokesperson for the multinational bank told Argaam.

Barclays will close its Emaar Square offices in Dubai, and relocate bankers and support staff to Dubai International Financial Centre (DIFC). The bank’s corporate branch in Abu Dhabi will not be affected. 

Staff impacted by the layoffs will see their positions phased out throughout the year.

“To align the Middle East Corporate Banking business to Barclays’ international locations, such as the United States, as well as to our regional Investment Bank and Wealth and Investment Management business, we are adopting an operating model that better leverages our global capabilities and centres of excellence,” the spokesperson said.

Several banks in the United Arab Emirates (UAE) have announced similar cost-cutting measures over the last six months, including: HSBC, Standard Chartered, BNP Paribas, Abu Dhabi-based First Gulf Bank (FGB), and the Abu Dhabi-listed National Bank of Ras Al Khaimah (RAKBANK).

Write to Joumana Saad at joumana.saad@argaamplus.com