Counting the cost: Advisers fear for jobs

After bringing in the money, 20 financial advisers at Barclays face the possibility of ending up penniless if they lose their jobs as a result of the economic crunch.

Dubai Several financial advisers of a leading foreign bank say they have been shown the door.

Abdul Hameed and Abdul Rahman were among 20 advisers working at Barclays bank who have been told to pack their bags and get ready to leave after a month.

Outsourced service

The two, who have been with the bank for the past two years, were told that they are on one month's notice. They said their situation is complicated because although they work at Barclays, their services were outsourced from Sahara Marketing Services, a subsidiary of Innovations, based in Dubai Healthcare City.

"My salary for November has not been credited to my account and the accounts department informed me that the reason is that a final settlement is being worked out," said Abdul Hameed.

For him, it's been a double blow as he and his family are under a municipal notice to move from their home because of the "one family-one villa" rule.

"Losing my job has been a huge setback and I have sent my family back to Hyderabad in southern India as we could not find affordable alternative accommodation," he said.

Abdul Hameed was also forced to give up his Honda Jazz car which he had bought just a month back. He now rides a bicycle.

Meanwhile, Abdul Rahman, who used to get a Dh4,000 monthly salary, is also job hunting.

"Fortunately my family is not here and I have bed space," he said. "Job opportunities are less during a financial crisis like this and it will be difficult to find a job to fit my profile."