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Mashreq Bank plans moving half its jobs to cheaper locations

Mashreq Bank plans moving half its jobs to cheaper locations
Mashreq and its subsidiaries employed almost 5,000 people as of September 2019.
Mashreq
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Dubai – Mubasher: Dubai’s third-biggest lender, Mashreq Bank, plans to move nearly half of its employees to cheaper locations and allow some others to work from home as part of a reorganisation that will spare its Emirati staff, Bloomberg said on Wednesday citing people familiar with the matter.

The bank notified employees this week that it will be shifting jobs to locations including India, Egypt or Pakistan.

As of September 2019, Mashreq and its subsidiaries employed almost 5,000 people.

According to the people, some employees will be permanently allowed to operate remotely in the offshore centres. The company seeks to cut salaries for an additional 7% of its remaining UAE staff by turning those jobs into work-from-home positions.

The relocation plan is expected to be completed in three phases by October this year. The changes will not include Mashreq’s Emirati employees.