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.
Go deeper with GlobalData
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
