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.