First Abu Dhabi Bank Becomes Latest U.A.E. Lender to Cut Jobs
- Abu Dhabi lender cut hundreds of jobs across several divisions
- Banks are being impacted by regional tensions, consolidation
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First Abu Dhabi Bank PJSC cut hundreds of jobs, according to people with knowledge of the matter, making it the latest United Arab Emirates’ lender to shed staff as sluggish growth weighs on the finance industry.
The country’s biggest bank dismissed hundreds of employees in recent weeks across several divisions, the people said, asking not to be identified because the matter is private. First Abu Dhabi Bank, which was created with the merger of two lenders in 2016, has about 5,400 workers globally, according to its website.