Barclays to Cut 20% of Jobs in #Dubai Wealth Management Business - Bloomberg

Barclays to Cut 20% of Jobs in Dubai Wealth Management Business - Bloomberg:

Barclays Plc is cutting about 20% of jobs in its wealth management business in Dubai, according to people with knowledge of the matter.

The layoffs will include senior positions and support staff within the division that employs about 100 members of staff and more cuts could be made, the people said, asking not to be identified because the plans aren’t yet public. The lender offered to relocate some employees to Geneva or London instead of eliminating their roles, one of the people said.

Barclays “confirms that it has completed a review of its operational model in the U.A.E. to ensure a sustainable and efficient business platform, a spokesman for the U.K.-based lender said in a statement. It “considers the U.A.E. and MENA region as a key market and remains fully committed to continue serving clients based there.”