ENBD lays off 300 workers from its employee base of 10,000

Emirates NBD laid off around 300 people recently at two subsidiaries Emirates Money and Emirates Islamic (EI)

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Emirates NBD laid off around 300 people recently at two subsidiaries Emirates Money and Emirates Islamic (EI)
Emirates Money’ provided loans to small and medium-sized enterprises (SMEs). Emirates Islamic, the group’s sharia-compliant arm, laid off around 200 people.
ENBD employs more than 10,000 people. ENBD remained ‘very focused’ on controlling expenses, Surya Subramanian, the CFO said this week. He said that the bank had no no further plans on staff cuts.
The bank forecast 3% growth in the UAE economy for 2016, down from 4% in 2015 due to tighter government spending and slower expansion in the non-oil sector.
ENBD has followed National Bank of Ras Al Khaimah, First Gulf Bank and HSBC in rationalizing their workforce in response to the economic conditions.
SMEs in the UAE have been struggling of late due to the falling oil prices, causing some to default on their debt. UAE Banking Federation, a group of 48 banks in the country, has also stepped in to help SMEs with restructuring the term and maturtieis of loans in order to support those worst affected by the weaker economy