Emirates NBD plans 15 pct staff cut-sources

Emirates NBD,
Dubai's largest bank which has been grappling with impairments,
plans to lay off up to 15 percent of its workforce, three
sources familiar with the matter said on Monday.
"There has been no official communication from the bank yet
to the employees but around 15 pct of employees will be let go
as part of the move. This is said to be a board decision and
there have been some cuts already this week. It was pretty
unexpected," a source at the bank said.
The bank has 8,000 employees, according to its website.
"It's 15 percent across the board, no specific departments
are targeted at the bank. The goal is to cut costs by 15
percent. Layoffs will be done this week," another source said.
The lender posted a 62-percent decline in fourth-quarter net
profit, as provisioning due to exposure to Dubai
government-linked entities hurt its performance