Dubai: Standard Chartered sources on Monday said that the bank has cut 100 jobs from its operations in the UAE as part of a global restructuring strategy.
As part of the global management overhaul the bank expects further 15,000 gross headcount reductions across the group by 2018.
“Within this we have already substantially completed senior staff exits (25 per cent or about 1000 roles. Some will be through attrition. Recognise transition period could be difficult, we are taking the action as quickly and as fairly as possible,” said Wasim Ben Khadra, senior regional manager for external communications at Standard Chartered.
Job cuts at Standard Chartered follows a similar acknowledgement of 150 job losses at the UAE operations of HSBC Middle East on Sunday.
Job cuts at Standard Chartered are part of a widespread reshaping of the lender under its new chief executive, William T. Winters.
In a recent strategy update the bank said that it would accelerate its cost cutting, upgrade its technology and reduce exposures to riskier assets.
While the job losses in Standard Chartered so far has been in senior to mid-tier levels sources said they expect headcount reduction to impact it UAE retail division too. The bank spokesperson said he is unable to give a breakdown of job losses in different categories.