Narratiive Tags - Khaleej Times Desktop
General
Logo
 

Combating coronavirus: UAE banks' workforce increases in March, foreign banks lead

Waheed Abbas/Dubai
Filed on May 17, 2020 | Last updated on May 17, 2020 at 06.29 am
Combating coronavirus, covid19, UAE banks’, workforce, increases, March, foreign banks, lead

(Alamy Image)

The total number of employees working in the UAE banking sector increased by 201 to 35,838 month-on-month in March 2020.

The number of people employed by the UAE banks surprisingly increased in the month of March 2020 as compared to previous months despite the advent of Coronavirus pandemic.

Official data showed that foreign banks recruited more people while, on the contrary, national banks reduced their workforce. Foreign banks increased their workforce by 21 per cent month-on-month while national banks laid off 3.6 per cent of their employees.

The total number of employees working in the UAE banking sector increased by 201 to 35,838 month-on-month in March 2020.

National banks slashed the number of workers by 1,046 while foreign banks increased their workforce by 1,283 from 5,964 in February to 7,247, according to the Central Bank figures.

Data showed that the number of employees working with the foreign banks have been consistently on the rise on quarterly basis since March 2018.

Banking sources said locals banks reduced manpower after they were hit by the Covid-19 impact, hence, reducing the number of branches as well. While foreign banks increased the number of people mainly in the recovery and collection departments to maximise the recovery of loans. In addition, the outbreak of the pandemic has massively increased the focus of the banks and customers from brick-and-mortar to digital banking.

National banks reduced their number of branches to 640, shutting down five of them. While foreign banks maintained their branch network at 27 in the country.

waheedabbas@khaleejtimes.com 

 


ERROR: Macro /ads/dfp-ad-article-new is missing!
MORE FROM News
MORE FROM Khaleej Times
CurrentRequestUnmodified: /news/general/5000-workers-get-dubai-moving-again-after-heavy-rain macro_action: article, macro_profile: , macro_adspot:
 
 
 
 
 
 
KT App Download
khaleejtimes app

All new KT app
is available
for download:

khaleejtimes - android khaleejtimes - ios