Mashreq Bank cuts 175 jobs

Mashreq has announced that it has axed up to 175 staff, four percent of its global workforce, to reflect reduced market activity.

In a statement, the bank said: “The redundancies reflect a lower level of market activity. The affected employees were selected due to either their role being no longer viable, or as a result of performance assessments. The process has ensured that we are now a more efficient operation and can be more flexible as a business.”

It declined to give an actual number to the jobs lost in the region.

Mashreq is the largest private bank in the UAE with a growing retail presence in the region including Qatar and Bahrain.

Last year it recorded a net profit of more than $517 million from a total operating income of $1,04 billion. At the end of last year, its total assets stood at $23.8 billion.

The statement added: “Mashreq has made this decision with deep regret, but has moved swiftly to respond to the challenges of the year ahead. We will be providing compensation to the affected employees, as well as advice and counsel.

From Arabian Business