HSBC Middle East has cut more than 150 jobs in the UAE banking operations as part of its global job cut strategy. As per the bank sources the number of job cuts could be more as per the full cost reduction programme is implemented across all divisions in the country.
Job cuts will be across bank's retail banking, commercial banking and wealth management divisions and expecting to cut more jobs in coming months. HSBC holding to cut 50000 more jobs over the next two years by closing retail branches, shrinking its investment bank and selling its Brazilian and Turkish operations as it shifts resources to more promising Asian market.
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