A recent statement from Barclays bank in the UAE has confirmed that there will be redundancies within their UAE branch as they now plan to downsize their retail banking division as part of their restructuring plan. They also said they now plan to concentrate more on their corporate and investment operations and did not release any figures relating to how many redundancies they have decided on.
Barclays also said they had not taken this decision lightly and they are still very concerned about the overall welfare of all staff members. Where it was possible they say they have relocated staff to new duties rather than making them redundant and many staff were also offered positions within sections of Barclays where they are still recruiting.
They say they have offered attractive redundancy packages as well as opportunities for staff to take up a new job overseas with Barclays Corporate operations. At present Barclays also has offices in Dubai and Abu Dhabi and it has had a significant presence in the region since 1975. It was in 2006 that they first began to offer mortgages and it was also the first bank in Dubai to issue foreclosure orders against homeowners who could not repay their mortgages.Paul Holdsworth, Staff Writer, Gulf Jobs Market News