UAE’s RAKBANK eyeing 250 job cuts – report

UAE lender National Bank of Ras Al Khaimah is reportedly planning to cut up to 250 jobs as part of a structural review.

The move comes as lenders across the country adjust staffing levels in reaction to deteriorating market conditions, lower oil prices and tighter liquidity.

“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 said in a statement to Reuters.

The move follows jobs cuts at UAE lenders First Gulf Bank, HSBC and Standard Chartered last year.

In November, the three reduced staff numbers by 100, 150 and 100 respectively, according to reports.