Around 400 employees at the Abu Dhabi Commercial Bank will be affected by the bank’s latest job cuts announcement, reported by a local media outlet.
Citing ‘sources’, Expat Media reported that the layoff will affect 400 ADCB employees. However, in the statement, the bank did not mention the total number that will be terminated.
The bank was also reportedly looking at closing 20 branches in cost-cutting efforts.
ADCB has already announced in March that it will not terminate employees in 2020 but in May, it reported an 84 percent fall in net profit for the first quarter.
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