Barclays To Cut 20 Per Cent Of Jobs In Dubai Wealth Management Business

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The lender offered to relocate some employees to Geneva or London instead of eliminating their roles.

Barclays is cutting about 20 per cent of jobs in its wealth management business in Dubai and the layoffs will include senior positions and support staff within the division that employs about 100 members of staff and more cuts could be made, reported Bloomberg.

The UK based lender stated it has completed a review of its operational model in the UAE to ensure a sustainable and efficient business platform and considers the UAE and MENA region as a key market and remains fully committed to continue serving clients based there.

The bank employees about 200 staff in the Dubai International Financial Centre (DIFC).

In 2017, the bank hired UBS Group banker Steve Klemme to strengthen relationships with Middle Eastern high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients with teams based in Dubai, Switzerland and London.

According to the bank’s 2018 annual report, challenging market conditions meant that overall assets under management at its wealth management division fell year on year.