[ First Gulf Bank ]
is cutting jobs in its retail banking division as part of a recent restructuring.
The Abu Dhabi lender said it had "reduced a number of roles in its consumer banking operation".
"This reduction in the workforce underlines the bank's commitment to managing its costs in a prudent and sustainable manner," it said.
The lender plans to cut 10 per cent of its staff, the equivalent of 300 people, from its credit card and bancassurance divisions.
It comes as FGB has made significant headway on expanding its international presence and building up its Asia presence to lower its reliance on the domestic market.
As part of the plan, the bank will cut nearly 80 jobs at its bancassurance division, a business which mainly involves the sale of third-party insurance products, and about 120 jobs at its credit card business, one banking source familiar with the plan said.
In June, FGB bought Dubai First, the credit card business of Dubai Group, for US$164 million. It is not clear whether some of this month's job cuts are related to the acquisition.
A second source said the job cuts were part of a broader restructuring in which FGB was streamlining operations and removing staff in certain departments.
The lender planned to strengthen its investment banking division and was making targeted hires to beef up that department, the source added.
* with Reuters
