Dubai – Mubasher: Dubai-based Noor Bank laid off several dozen employees in the past few weeks, banking sources told Reuters.
The bank is trying to adjust to more subdued growth levels in the financial services sector.
The final figure for the planned redundancies could be more than 200 employees. The Islamic bank's total workforce before the redundancies was around 1,200 to 1,500.
Noor has seen significant growth over the past few years. It believes that now is the time to streamline its functions and align to a new operating model, the bank said in a statement.
