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Barclays said to restructure Middle East corporate banking unit

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Barclays will dismiss about 150 staff in Dubai as it restructures its Middle East corporate banking business, a person with knowledge of the matter said.

[DUBAI] Barclays will dismiss about 150 staff in Dubai as it restructures its Middle East corporate banking business, a person with knowledge of the matter said.

The bank will close its offices at Emaar Square and relocate bankers and support staff to its office at Dubai International Financial Centre, said the person, asking not to be identified as the dismissals aren't public. Barclays will keep its corporate branch in Abu Dhabi and wholesale banking license with UAE Central Bank, the person said.

Barclays chief executive officer Jes Staley plans to eliminate 1,200 jobs worldwide and shut securities operations across Asia, people with knowledge of the matter said last month. The former JPMorgan Chase & Co banker has also imposed a hiring freeze and is restructuring the wealth-management business to shore up earnings growth, people familiar have said.

Barclays is adopting an operating model that better leverages global capabilities and its centres of excellence in the Middle East, according to a spokesman in Dubai.

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