NBAD and FGB may cut about 2,000 jobs in pre-merger layoffs
NBAD and FGB are preparing to hand out formal service termination notices to second-tier management next week. The group could cut as many as 2,000 jobs in pre-merger layoffs. The group had c9,000 employees as of 2015. This was expected as the banks look to extract cost synergies in this low growth environment. (MEED, company disclosure, Shabbir Malik) First Gulf Bank: AED12.60 as of 2 Feb. 2017, Rating: Buy, TP: AED14.00/share, MCap: USD15,450mn, FGB UH/FGB.AD Natl. Bank of AD: AED9.75 as of 2 Feb. 2017, Rating: Buy, TP: AED10.80/share, MCap: USD13,841mn, NBAD UH/NBAD.AD
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