UNB is reported to have cut 50 jobs as it makes efforts to cope with pressure on spreads. The cuts were made mainly in retail sales, although there were some in wholesale banking and middle management. The bank has scaled back lending in the SME segment and these cuts could be partly linked to that. The bank employs about 2,000 people in the UAE. The bank’s staff expense were flat in 1H16, however net profit was down 22% Y-o-Y mainly due to pressure on spreads. (Bloomberg, Shabbir Malik, Murad Ansari)
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