British banking group Barclays is shedding approximately 20% of wealth management jobs in Dubai, reported Bloomberg.
Currently, the employee headcount at the Dubai unit is around 100. A total of approximately 200 are employed in the Dubai International Financial Centre.
The move will affect employees in senior roles as well as support staff in wealth management.
According to the report, Barclays plans to relocate some of its staff in the region to Geneva or London.
The lender also flagged the possibility of more layoffs in the future at the business.
The decision follows a review of Barclays’ UAE operations.
A bank spokesperson said that Barclays concluded a review of its UAE operational model to support an efficient business platform.
The bank assured that it “considers the UAE and MENA region as a key market and remains fully committed to continue serving clients based there”.
But this is not the first time that Barclays has trimmed its Dubai workforce.
Three years ago, the bank slashed nearly 150 corporate and investment banking jobs in the region.
In 2017, Barclays poached Steve Klemme from UBS to manage relationships with Middle Eastern wealthy clients with teams based in Dubai, Switzerland and London.
As of May this year, Barclays wealth management has assets under management of £63 billion.