RAKBANK expat staff to be hit by 250 job cuts

Lender said cuts were due to the slowing market



UAE lender National Bank of Ras Al-Khaimah will cut expatriate staff as it seeks to reduce its headcount by up to 250.

Chief executive Peter England said in a statement on Abu Dhabi’s stock market that RAKBANK’s business had grown by about 600 staff in the past three years thanks to a significant increase in new business volume.

However, this “has now settled at more sustainable levels,” he added.

The announcement followed reports on Sunday that the company could cut as many as 250 jobs as part of a structural review.

The lender said its business strategy was unaffected by the move. It recently re-entered wholesale banking where it “has been significantly increasing its product offerings and headcount in this segment, which is set to continue throughout 2016.”

Lenders across the country have been adjusting staffing levels in reaction to deteriorating market conditions, lower oil prices and tighter liquidity.

In November, First Gulf Bank, HSBC and Standard Chartered cut a combined 350 jobs, according to reports, with staff reductions of 100, 150 and 100 respectively.