International banks operating in the UAE are set to adopt a Monday-Friday workweek in the country from January, bringing their regional operations in line with the global standard.
JPMorgan Chase & Co., Deutsche Bank AG, Bank of America Corp. and Societe Generale SA will switch to a Saturday-Sunday weekend in the UAE, according to people familiar with matter, following the Gulf nation’s decision to change its workweek.
The banks will offer employees some flexibility on Fridays and haven’t so far hinted at any imminent relocations, people familiar with matter said. Dubai is the region’s main business and financial hub, though most international banks have staff in Saudi Arabia to cover Sundays.
Schools and the public sector in the UAE will move to a four-and-a-half-day week in the New Year, with a half day on Friday.
A BofA memo said the bank welcomed the new workweek as it aligns the country with major economies. Employees requiring flexibility on Friday can discuss schedules with managers, according to a person who has seen the internal document.
JPMorgan will also offer staffers some flexibility on Fridays and the option to work on Sundays if needed, a person familiar said. At Deutsche Bank, employees who work on Sundays will be granted flexibility on Fridays.
The shift is unlikely to have a major impact on SocGen, which doesn’t have trading desks in Dubai or Riyadh, according to two people who have seen a memo from the bank.
BofA, SocGen and JPMorgan weren’t immediately available for comment. Deutsche Bank declined to comment.