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Report: UAE's Commercial Bank could cut 100 jobs in strategic shift

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Report: UAE's Commercial Bank could cut 100 jobs in strategic shift

Up to 18% of Dubai-based Commercial Bank International PSC's staff could accept voluntary redundancy as the bank implements a strategic shift, Bloomberg News reported Sept. 19.

As many as 100 of the lender's 550 employees could leave the company, sources said.

The lender is planning to withdraw from unsecured retail lending and focus instead on wealthy clients in its consumer and corporate banking divisions, according to the report.

The restructuring comes two years after the bank reduced its headcount by 125 and closed 10 branches.