Wealth Solutions & Wealth Planning

Barclays to cut Wealth Management jobs in Dubai by 20%

Inside sources have indicated that Barclays intend to 20% of jobs their Dubai Wealth Management sector, which currently contains around 100 members, making up half of Barclays’ 200-strong work force in the city.

As detailed in a report by Bloomberg,the layoffs are said to potentially include both support staff and senior members of the Wealth Management division.

Offers have been made to some employees to relocate to European sectors, with Geneva and London being named specifically. 
Barclays itself has previously stated its commitment to the UAE region, with their 2017 hire of ex-UBS Group AG banker Steve Klemme intended to strengthen the bank’s relationships with Ultra-High-Net-Worth individuals in the city. 

The cut would mirror a similar situation which occurred in 2016, in which the bank terminated 150 corporate and investment banking positions. 

Following a challenging year, in which the overall number of assets under the bank’s management having fallen, the cuts reflect the increasing difficulties being faced by the company.