HSBC, Emirates NBD cut jobs in #UAE as banks look to reduce costs - sources - Reuters

HSBC, Emirates NBD cut jobs in UAE as banks look to reduce costs - sources - Reuters:

HSBC Holdings (HSBA.L) has laid off about 40 bankers in the United Arab Emirates (UAE) and Emirates NBD is cutting around 100 jobs, as banks in the Arab world’s second-biggest economy reduce costs, sources familiar with the move told Reuters.

The job cuts come at a time of weak economic growth, especially in the region’s business hub - Dubai - which is suffering from a property downturn.

HSBC’s redundancies came after the London-based bank reported a sharp fall in earnings and warned of a costly restructuring, as interim Chief Executive Noel Quinn seeks to tackle its problems head-on in his bid for the full-time role.