The largest bank in Dubai said on Tuesday that it will lay off about 800 people as the bank seeks "the right size" to meet expected future business needs.
A spokesman for Emirates NBD said that the recent developments had a great impact on the economy, the financial services sector and the lender itself, which led to changes in its operations and employment requirements.
"Unfortunately, this means giving up some of our colleagues because we appreciate the right size to meet our expected future business needs, especially in light of the economic forecasts that indicate difficult times ahead," he said.
“This decision was not taken lightly, and we made every effort to treat them fairly, respectfully, and prepare them for success outside the Emirates NBD. We remain optimistic that with the opening of the UAE economy, Emirates NBD will get and the spokesman said,“ the right structure to continue to support customers and help companies grow and thrive. ".
Emirates NBD achieved a notable year of achievements in 2019 with a record jump of 44 per cent to reach AED 14.5 billion in net profit.
The bank recorded a total income of 22.4 billion dirhams, an increase of 29 percent year on year due to loan growth and higher fee income, while its net profit, excluding the impact of international network transactions, increased by 1 percent.