British banking group Barclays is shedding approximately 20% of wealth management jobs in Dubai, Bloomberg reported.
According to the news report, the layoffs are likely to include senior personnel as well as support staff. The UK-based lender's wealth management business currently has about 100 employees.
The lender offered to relocate some employees to Geneva or London instead of eliminating their roles, one of the people said.
[Barclays] considers the UAE and MENA region as a key market and remains fully committed to continue serving clients based there"
The decision follows a review of Barclays' UAE operations.
A bank spokesperson said that Barclays concluded a review of its UAE operational model to support an efficient business platform.
The bank assured that it "considers the UAE and MENA region as a key market and remains fully committed to continue serving clients based there".
But this is not the first time that Barclays has trimmed its Dubai workforce.
Three years ago, the bank slashed nearly 150 corporate and investment banking jobs in the region.