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Barclays' Private Bank Cuts Dubai Jobs

Tom Burroughes, Group Editor, 16 July 2019

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This publication understands, contrary to a report, that senior figures aren't affected.

Barclays is cutting about 20 per cent of its staff in its Dubai-based wealth management business.

A report in Bloomberg said that the cuts will affect "senior positions" although this news service understands that is not the case, and that back-office functions, as well as some marketing-type roles, will be affected.

“As part of a review of its global business, Barclays Private Bank & Overseas Services confirms that it has completed a review of its operational model in the UAE to ensure a sustainable and efficient business platform, that will further maximize value to clients and employees. Barclays Private Bank & Overseas Services considers the MENA region as a key market and remains fully committed to continue serving clients based there with a broad range of financial products and specialist services.”  

The lender offered to relocate some employees to Geneva or London instead of eliminating their roles, Bloomberg quoted one source as saying.

Barclays employs about 200 staff in the Dubai International Financial Centre. As the report noted, it appointed former UBS banker Steve Klemme in 2017 to strengthen relationships with Middle Eastern high net worth and ultra-high net worth clients with teams based in Dubai, Switzerland and London.

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