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05 December 2023

RAKBank to cut jobs as part of review


By Reuters

National Bank of Ras Al Khaimah (RAKBank) will cut up to 250 jobs as part of a review of the lender's organisational structure, a spokeswoman for the Abu Dhabi-listed bank said on Sunday.

Banks in the United Arab Emirates have been adjusting staffing levels in recent weeks as they react to deteriorating market conditions and tighter liquidity caused by lower oil prices.

"RAKBank revisited the organisation structure of select departments and made changes where necessary to improve synergy and efficiency across the bank. We are confident the new structure is better positioned for continued success," the bank said in a statement.

The spokeswoman confirmed the number of job losses in response to questions from Reuters.