Satoshi Nakamoto Blog
Image default
Banking Emirates NBD Financial Services/Finserv homepage-featured-4 Jobs

Emirates NBD slashes 400 staff to cut costs – FinTech Futures


Emirates NBD has cut between 400 and 500 jobs in a cost-cutting exercise to counter slowing economic growth, according to Reuters.

The largest bank in Dubai, Emirates NBD has made reductions across multiple segments. Reuters sources reported that the cuts have mostly affected the bank’s retail and technology operations.

Dubai has experienced slowing growth in 2019

The bank has upgrading its technology in a multi-year transformation project. It has made an AED 1.5 billion ($410 million) investment towards digitising operations, products and services for its corporate clients and retail customers.

It selected Tata Consultancy Services’ TCS Bancs at the beginning of the year to streamline its payments processing in India, Egypt, Saudi Arabia, and the UK.

It then updated its treasury operations by updating to Calypso 15, and its transaction banking platform through selecting Intellect Design Arena’s Intellect Global Transaction Banking (iGTB).

Dubai’s economy grew by just under 2% last year, marking its slowest growth since the 2009 debt crisis.





Source link

Related posts

Dinosaur and tZero unleash securities trading on blockchain – FinTech Futures

satoshi

More than 50 new roles at Kilkenny Security Risk Advisors hub

satoshi

Swiss Banks Team With Fintechs to Enter the Crypto Space

satoshi

How fintechs are disrupting the fashion industry and combating waste – FinTech Futures

satoshi

Voices in AI – Episode 74: A Conversation with Dr. Kai-Fu Lee

satoshi

How to provide customers from China with a habitual and convenient service – FinTech Futures

satoshi