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.
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.