Standard Chartered has reportedly trimmed its workforce in the UAE in a bid to continue focusing on digital services.
The bank is cutting jobs in its retail unit in the country, reported Reuters quoting unnamed sources familiar with the matter.
Go deeper with GlobalData
It has also said to have reduced its workforce in other units including corporate and commercial divisions.
According to its website, Standard Chartered has eight branches in the UAE.
The move comes a week after it was reported that Standard Chartered is planning to reduce its headcount in Dubai and Singapore.
Standard Chartered job cuts: Background
Currently, the bank is working to simplify its structure to reduce costs across its global network and deliver better returns to the shareholders. Optimising the workforce is also a part of the bank’s programme to bolster its growth.
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By GlobalDataThe sources told the news agency that bank is restructuring its retail business and encouraging its customers to move to digital services.
Standard Chartered is also working to develop its priority and premium retail banking businesses, the sources added.
The bank will report its full-year results in February 2019, with which it will unveil its complete strategic review.
At the end of July, Standard Chartered posted its H1 results reporting a profit before tax of $2.35bn, a 34% growth over last year.
