UK-based bank Barclays is reportedly cutting around 20% of jobs in its wealth management business in Dubai.
A spokesperson confirmed to International Adviser that the roles at risk are not senior or client-facing. They are centred more on back office and support roles.
This contradicts a report from US newswire Bloomberg, which broke the story, that said the 100 cuts will include senior positions.
The newswire said more job losses could be made and the bank has reportedly offered to relocate some employees to Geneva or London instead of eradicating their roles.
A Barclays spokesperson told IA: “As part of a review of its global business, Barclays Private Bank & Overseas Services confirms that it has completed a review of its operational model in the UAE to ensure a sustainable and efficient business platform, that will further maximize value to clients and employees.
“Barclays Private Bank & Overseas Services considers the MENA region as a key market and remains fully committed to continue serving clients based there with a broad range of financial products and specialist services.”
In 2018, the bank said in its annual report that challenging market conditions caused its wealth management assets under management to fall year-on-year.
The news follows Deutsche Bank announcing that it will cut 18,000 roles worldwide, as the global banking industry continues to offload non-core businesses and improving stagnating profit margins.
