HSBC has let go 150 of its UAE-based employees just months after it announced plans to cut ten percent of its workforce, or 50,000 jobs in the coming years, local media reported on Monday, citing unnamed sources with knowledge of the matter.
“As flagged in our Investor Update we have targeted significant cost reductions by the end of 2017, and we continually review and manage our overall headcount requirements,” HSBC said in an emailed statement to Argaam.
The move is part of HSBC’s global restructuring strategy, which has affected its operations in other countries such as Turkey and Russia. The company is refocusing parts of its business to China and India in an effort to reduce costs.
The bank did not comment on the total number of jobs cut in Middle East and North Africa; however, it employs more than 8,000 people in the region.
The firm axed 40,000 jobs under previous cost-cutting measures carried out between 2011 and 2014.
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