One of the largest banks, Standard Chartered cut jobs in the United Arab Emirates retail bank.
Standard Chartered cut jobs in UAE retail bank as several customers move towards the digital services. According to sources, the bank also lowered the headcount in other sectors. However, it includes commercial and corporate divisions, as part of their global policy.
On the other side, Standard Chartered is also making key changes in the retail business, including encouraging the customers to opt for digital services. In addition, UAE already has the great digital penetration rates among the customers comparable to other countries.
Chief Executive Bill Winters is also overseeing the broader strategic overhaul. In UAE, bank has 8 branches and they are emphasizing on the priority and premium retail banking businesses. However, the statement did not reveal much details about the job cuts.
According to financial analysts, the recent development will make great impact on the banking and finance industry of UAE.