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HSBC BANK UAE lays off 90 employees |
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Thursday, 13 August 2009 00:00 |
HSBC UAE has served termination notices on around 90 junior and middle management employees, sources close to the bank said.
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Those made redundant will receive six months' salary as a severance package, they said.
Responding to a query from Emirates Business, Joel M Farnworth, Regional Head of HR, HSBC Bank Middle East, said the operating environment for banks in the region is "challenging" given the current financial uncertainty worldwide. "A strong, well capitalised and profitable bank like HSBC can stay open for business, respond to the changing needs of its customers and continue to serve them even when times are tough," he said.
"But there are difficult decisions that have to be made as we adapt to a new environment, and ensure we are positioned for the future.
"We deeply regret that these have led to a relatively small number of redundancies."
Several banks, including most of the foreign banks operating in the UAE, have laid off employees in the past 18 months. Other major banks have made staff redundant, including a top local bank that has laid off about 1,000 staff and expects to lay off a similar number soon.
This is, however, the first time HSBC has done so to a noticeable degree.
Some of the UK-headquartered bank's employees expressed the fear that there could be another round of lay-offs coming up in the UAE operations, which employs about 4,000 staff.
SOURCE business24-7
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Dubai 