Barclays to cut 150 staff in Dubai

Barclays is planning to cut roughly 150 staff in Dubai as it restructures its Middle East corporate banking business, according to reports.

A source told Bloomberg that the bank will close its offices in Emaar Square and relocate bankers and support staff to its Dubai International Financial Centre premises.

The bank will maintain its corporate branch in Abu Dhabi and wholesale banking license with the UAE Central Bank, the source said.

Reports last month suggested Barclays was looking to cut up to 1,200 jobs worldwide and shut securities operations across Asia.

The company’s chief executive Jes Staley, who was appointed in October, has imposed a hiring freeze and is restructuring its wealth-management business to shore up earnings, sources toldBloomberg.