Emirates NBD PJSC (EMIRATES), Dubai’s biggest bank, plans to cut as much as 15 percent of its workforce to reduce costs, according to two people familiar with the matter.
The job cuts will affect about 500 to 700 employees across all departments and are likely to be carried out this month, said one of the people, declining to be identified because the information is private. The reductions will affect Emirates NBD and not the group, which also includes subsidiaries Emirates Islamic Bank PJSC and Dubai Bank PJSC, the person said.
A spokesman for Emirates NBD declined to comment. He didn’t want to be identified because of company policy.
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