Dubai – Mubasher: Emirates NBD began laying off around 800 employees this week, representing nearly 10% of its staff, due to the economic impact of coronavirus (COVID-19), sources reportedly told Reuters.

The sources referred that the majority of the laid-off employees were working in the UAE, and the cuts could include employees from the private banking arm and other parts of Emirates NBD.

The bank announced that the recent developments have greatly affected the economy, including financial sectors and the banking system, which led to some changes in the recruitment process.

"We remain optimistic that, as the UAE economy opens up, Emirates NBD will have the right structure to continue to support customers and help businesses grow and prosper," the bank said in a statement.

It is noteworthy to mention that during the first quarter (Q1) of 2020, the bank's net profits dropped by 24% year-on-year (YoY), driven by higher impairment charges.