Economic Sources told Reuters that the Abu Dhabi Commercial Bank (ADCB) intends to lay off hundreds of employees and to close down a number of its branches due to low oil prices and the COVID-19 pandemic crisis.
The sources specifically noted that the Abu Dhabi Commercial Bank intends to layoff 400 employees and close down 20 branches after having previously pledged not to reduce the number of employees due to the crisis.
Last March, ADCB announced that “no employee will be dismissed during the year 2020 as a result of the COVID-19 pandemic”.
UAE banks have been affected by the government measures taken to curb the spread of the Coronavirus, forcing many companies to temporarily halt activities.
Last week, Emirates NBD, the largest bank in Dubai, announced a 58 % drop in profits. Sources told Reuters in June that the bank had started a new round of hundreds of layoffs.
In May, ADCB announced an 84 % decrease in the first-quarter net profit.
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