FINANCIAL NEWS

Two UAE banks brace for slower growth

25 Nov 2015

(MENAFN) Two banks in the UAE- HSBC and FGB- cleared job reduces in response to changing universal and local market situations in the framework of slower growth.

Furthermore; HSBC reduced almost 150 jobs in its trade and profitable banking unites, whereas FGB has reduced to 70 jobs.

In addition, HSBC which hires more than 8,000 people in the Middle East and N. Africa will cut its head count by more than 50,000, in order to save it USD 5bn.

However; FGB did not approve the number of job cuts, but it cleared the reformation in line with its ” robust approach to cost and resources management.”

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