Abu Dhabi  – Mubasher: Abu Dhabi Commercial Bank (ADCB) is reportedly cutting 400 jobs to decrease costs due to the economic impact of the coronavirus (COVID-19) outbreak and the lower oil prices, sources told Reuters.

The sources referred that the ADCB has taken this decision although it has previously announced its commitment not to laying off employees.

The sources added the laid-off employees included top management staff, and further cuts are expected to involve the bank's consumer business.

One of the sources further remarked that the bank was looking to shut 20 branches.

It is noteworthy to mention that during the first quarter (Q1) of 2020, the bank's net profits attributable to the equity holders slid by 82% to AED 207.370 million, compared to AED 1.152 billion during the same period of 2019.