9.46 AM Friday, 8 December 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:29 06:48 12:14 15:11 17:33 18:52
08 December 2023

Mashreq Bank revises its staffing levels

By Staff Writer

Dubai-based Mashreq bank is to layoff four per cent of its workforce after it underwent a "rightsizing" process to reflect market activity, it announced yesterday.

"The redundancies reflect a lower level of market activity," said Islam Shikokh, Senior Vice-President of the company's human resources.

"The affected employees were selected due to either their role being no longer viable, or as a result of performance assessments. The process has ensured that we are now a more efficient operation and can be more flexible as a business. We made this decision with deep regret.

"We will be providing compensation to the affected employees, as well as advice and counsel," he said.