British banking giant Standard Chartered has unveiled plans to slash 100 jobs from its UAE operations as part of a global overhaul designed to cut costs.
Earlier this month, the bank announced plans to lay off 15,000 employees in order to reap savings of $2.9bn by 2018.
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The bank has not yet disclosed a breakdown of the redundancies in its UAE division, but according to media reports, the move will affect the bank’s retail unit in the country.
The UAE job losses follow Standard Chartered’s recent announcement to trim 1,000 employees in South Korea, by the end of the year.
In addition, the bank said that it will accept applications for an early retirement program from its employees who have served the bank for over 10 years.
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