UPDATE 1-First Gulf Bank of Abu Dhabi to cut 10 pct of workforce -sources | Reuters:
"First Gulf Bank (FGB), the United Arab Emirates' third largest bank, is cutting about 300 jobs, equivalent to nearly 10 percent of its workforce, as part of a restructuring, sources familiar with the matter said.
FGB, controlled by Abu Dhabi's ruling family, informed employees about the plan last week and the cuts will mainly affect its consumer banking business, the sources said. They were speaking on condition of anonymity as the matter has not been made public.
Abu Dhabi-based FGB is among a number of UAE banks which are seeking to expand their overseas operations and lower reliance on their home market, where more than 50 local and international banks compete to win retail, commercial and investment banking businesses in a country of about 8 million people."
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