UAE-based National Bank of Ras Al Khaimah (RAKBank) is set to cut about 250 jobs as part of a restructuring plan.
"RAKBANK revisited the organisation structure of select departments and made changes where necessary to improve synergy and efficiency across the bank. We are confident the new structure is better positioned for continued success," the bank spokesperson said in an e-mailed statement.
The bank did not specify precise details such as when the move would be effective, and the units that would be affected by the move.
Banks across the UAE have been slashing their workforce in response to tighter liquidity created by falling oil prices.
The announcement of layoffs in RAKBank comes on the heels of job cuts by other major lenders in the region such as First Gulf Bank, Standard Chartered Bank, BNP Paribas, and HSBC.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData