Cheap Oil Means 1,500 Middle East Bankers Looking for Jobs

Updated on
  • U.A.E. lenders making job cuts as low oil tightens liquidity
  • Many expatriate bankers may leave Gulf region amid layoffs

Seagulls fly past an oil tanker docked off Lebanese shores on the northern outskirts of Beirut. The oil slump is draining billions of dollars from the banking system, stock markets are volatile, investment is slowing and global banks are firing workers to boost returns.

Photographer: Joseph Eid/AFP via Getty Images

Bankers who have been dismissed in the United Arab Emirates may struggle to find work as the region grapples with the impact of oil below $30.

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