DUBAI: Mashreq Bank, Dubai’s third-largest lender, is planning to move nearly half of its employees to cheaper locations and allow some to work from home, as part of a dramatic reorganization that excludes Emirati employees, according to sources familiar with the matter. The oldest privately-owned bank in the UAE notified employees this week that it would move its jobs to locations including India, Egypt or Pakistan, according to the sources, who asked not to be identified because the information is not public. The sources told Bloomberg News that Mashreq Bank will also eliminate a large number of existing jobs, and create new jobs for employees who move to what it calls “centers of excellence.”The bank did not immediately respond to an email request for comment. The number of employees at Mashreq and its subsidiaries is about 5,000 people, according to September 2019 data. The bank plans to further reduce the salaries of the remaining employees in the UAE by 7 percent when these jobs are transferred online.

Source: Ethiopian News January 06, 2021 13:39 UTC