HSBC Cuts Up to 80 from UAE Work Force

DUBAI — HSBC Bank Middle East said on Wednesday that it laid off as many as 80 employees in the UAE because of financial uncertainties worldwide.

By Abdul Basit

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Published: Thu 13 Aug 2009, 11:13 PM

Last updated: Thu 2 Apr 2015, 3:45 AM

A spokesman of the bank told Khaleej Times that the bank has terminated less than two per cent of the entire team of the UAE. Total workforce strength of the bank in the country is about 4,000 people, HSBC Bank Middle East Limited Regional Head of HR Joel M Farnworth said in a statement.

HSBC terminated the staff a day after competitor UK-based Standard Chartered Bank, or SCB, announced its plan to hire 850 priority banking officials across Asia. SCB also said the move would strengthen its priority banking services here in the UAE.

Banks worldwide have slashed jobs amid the worst downturn since the Great Depression of the 1930s. Banks in the UAE are also facing a challenging environment due to rising provisions as loan defaults are expected to increase.

“The operating environment for banks in the region is challenging given the current financial uncertainty worldwide. A strong, well capitalised and profitable bank like HSBC can stay open for business, respond to the changing needs of its customers and continue to serve them even when times are tough,” Farnworth said.

“But there are difficult decisions that have to be made as we adapt to a new environment, and ensure we are positioned for the future. We deeply regret that these have led to a relatively small number of redundancies but, as you would expect, we will do everything we can to help and support those of our colleagues who are affected,” Farnworth said.

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