COVID-19: UAE banking sector could see more job cuts this year – ZAWYA

COVID-19: UAE banking sector could see more job cuts this year – ZAWYA

COVID-19: UAE banking sector could see more job cuts this year | ZAWYA MENA Edition HomeEconomyGCCArticleCOVID-19: UAE banking sector could see more job cuts this year Cost pressures and digitization will cause shift in post-COVID hiring as well    Image used for illustrative purpose. A customer makes a transaction at Emirates Bank in Dubai March 7, 2007. Banks in the UAE could see more job cuts as the pandemic-related economic slowdown, the postponement of Expo 2020 and a lower interest regime drive down their profitability levels.Emirates NBD, Dubai's largest bank, said earlier this week that it was laying off around 800 people as it seeks to find the "right size“ to meet its anticipated future business needs. "The banking sector in the UAE is facing a lot of pressure due to the unprecedented compression in net interest margins, slowdown in the economic activity, low oil prices and worsening asset quality. Banks are forced to [justify] their expenditures and reduce costs. I will not be surprised to see further announcements related to cost reduction, as the economic conditions are unprecedented,“ Ali El Adou, Head of Asset Management at Daman Investments, told Zawya.Emirates NBD, Dubai's largest bank, said earlier this week that it