Reported by: banking|Updated: January 9, 2021
Dubai’s Mashreqbank plans to move nearly half of its employees to cheaper locations and allow some others to work from home as part of a reorganization plan. However, the plan will not affect the bank’s Emirati staff. The oldest privately owned bank in the United Arab Emirates told its employees it will be shifting jobs to locations including India, Egypt or Pakistan, according to sources who did not want to be identified. The bank is also likely to eliminate several existing roles and create new positions for staff moving to what it calls “centers of excellence”. Mashreq and its subsidiaries employed almost 5,000 people as of September 2019.