First Abu Dhabi Bank (FAB) has reportedly fired hundreds of employees in recent weeks as part of its cost-cutting strategy.
The redundancies were carried out across several businesses, Bloomberg reported citing sources familiar with the matter.
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The move comes in the backdrop of sluggish growth that has started negatively affecting the country’s banking industry.
Last month, First Abu Dhabi Bank reported that its non-performing loans soared 17% to $3.7bn in 2019, while impairment charges climbed 7% to over $500m.
First Abu Dhabi Bank joins its competitors Emirates NBD and Abu Dhabi Commercial Bank (ADCB) in laying-off employees.
In November last year, HSBC also reduced its headcount in UAE in a bid to slash operating costs.
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By GlobalDataIn September 2019, the UAE arm of Standard Chartered trimmed 100 people from its retail business. In the same month, another local lender Commercial Bank International introduced a voluntary retirement scheme.
First Abu Dhabi Bank has a workforce of nearly 5,400 people globally. It was created through the merger between First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD) in 2017.
However, the bank downsized its branch counts in UAE from 145 to 84 branches by April last year.
In May last year, FAB officially launched its first branch in Saudi Arabia. The branch is located in Al Cayan Tower, Riyadh.
