Sources familiar with the matter were quoted by Reuters as saying that the lender had already informed about the redundancy plan to its employees.
The lender is set to reduce nearly 80 jobs at its bancassurance division and approximately 120 jobs will go at its credit cards business, one source told Reuters.
Concentrating to boost its investment banking division, and to rationalize its entire operation, the bank is transferring some of its staff to certain departments.
Managed by Abu Dhabi’s ruling family, the FGB said that the job cut would especially affect its employees working in the consumer banking business.
An email statement of FGB was quoted by the news agency as saying, "As part of a recent reorganisation, the bank has reduced a number of roles in its consumer banking operation.
"This reduction in the workforce underlines the bank’s commitment to managing its costs in a prudent and sustainable manner."
The latest move of the gulf lender is also seen as its desire to boost international banking operation, while scaling down dependency on domestic market, amid competition from more than 50 local and global lenders.
