British lender HSBC has reportedly axed 40 bankers in the United Arab Emirates (UAE) in a bid to reduce costs.
Reuters reported the move citing sources familiar with the matter.
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Currently, HSBC employs around 3,000 staff in the UAE and 10,000 overall across the Middle East, North Africa and Turkey region.
The latest redundancies come nearly a month after HSBC was said to be planning to lay off hundreds of employees across these regions.
HSBC registered a sharp decline in revenue recently triggering such restructuring across the group.
The sources also told the news agency that Emirates NBD, a government-owned bank in the country, is trimming 100 jobs.
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By GlobalDataThe affected Emirates NBD businesses include consumer sales and liabilities.
One of the sources was quoted by Reuters as saying: “The cuts are part of cost cutting and rationalising to drive efficiencies in a challenging market.”
Overall, Emirates NBD employs around 12,000 people.
However, HSBC and Emirates NBD did not confirm the lay-offs.
The lay-offs are reported at a time of weak economic growth and dull real estate business in Dubai.
Other banks in the region are also trimming their employee strength.
The much highlighted merger between Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank resulted into hundreds of job cuts.
In September, the UAE arm of Standard Chartered trimmed 100 people from its retail business. In the same month, another local lender Commercial Bank International introduced voluntary retirement scheme.
