Abu Dhabi Commercial Bank to lay off 400 employees, close 20 branches

Abu Dhabi Commercial Bank (ADCB) plans to lay off 400 employees and close 20 branches, sources familiar with the bank’s plans said.

According to the sources, ADCB; the third largest bank in the UAE, will lay off hundreds of employees despite previous promises not to let go of staff as pressure mounts due to lower oil exports and the economic challenges caused by the coronavirus.

A bank spokesman said: “A certain number of redundancies are therefore expected every year in the normal course of business.”

The sources said the layoffs will include employees in the consumer business and a number of senior management officials, adding the bank is looking to close 20 branches.

In May, the bank announced an 84 per cent decrease in its first-quarter net profit, after a $292 million drop in value over debt exposure to troubled hospital operator NMC Health and payments group Finablr.

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