Mashreqbank Cuts 4pc Staff

DUBAI - Mashreqbank, the largest private bank in the UAE, said on Thursday that it has cut 4 per cent or 175 members of its workforce because of a weak economic and business environment.

By Staff Report

Published: Sat 7 Feb 2009, 12:47 AM

Last updated: Thu 2 Apr 2015, 3:53 AM

“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,” said Islam Shikoh, Senior Vice-President, Human Resource, Mashreq.

The bank has made this decision with deep regret. We will be providing compensation to the affected employees, as well as advice and counsel, said a statement issued on Thursday.


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