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Report: StanChart cuts more than 100 staff in UAE retail ops

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Report: StanChart cuts more than 100 staff in UAE retail ops

Standard Chartered PLC's United Arab Emirates-based unit reduced the headcount in its retail division by more than 100 in September, Reuters reported Oct. 1, citing sources familiar with the matter.

The British lender did not confirm the staff layoffs but told the newswire in an email that it is reviewing its businesses and is "accelerating [its] shift toward digital and consumer preference." StanChart previously cited the UAE as a low-return market, having booked a decline in operating income in the country to $637 million in 2018 from $733 million a year earlier, according to the report.

The news comes as UAE-based lenders look to increase their digital banking activities and outsource back office work to low-cost countries, the newswire noted.