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 HSBC bank has let go of about 150 employees in the UAE, according to bank sources.

A bank spokesperson acknowledged the redundancies but declined to confirm the number.

“As flagged in our Investor Update we have targeted significant cost reductions by the end of 2017, and we continually review and manage our overall headcount requirements,” the spokesperson said in a statement emailed to Emirates 24|7.

The UAE job losses are part of the larger global cull, which could see up to 50,000 people lose their jobs with the bank across the world.

“HSBC is now undertaking a significant reshaping of its business portfolio,” the bank had said in an investor update earlier this year in June/July.

“We recognise that the world has changed and we need to change with it. That is why we are outlining the following ten strategic actions that will further transform our organization,” Stuart Gulliver, Group Chief Executive, had then said

Among the 10 initiatives outlined by Gulliver were a reduction in the group’s risk-weighted assets by a quarter, and selling off of operations in Turkey and Brazil in addition to realising $4.5-5bn cost savings by end-2017.

By 2017, the group plans to achieve about “10 per cent reduction in Group FTEs [full-time employees], before re-investment in growth initiatives and compliance,” it had said in an update. That would mean between 22,000 and 25,000 jobs while another 25,000 or so jobs are being passed on with the bank’s exit from Brazil and Turkey.

Within the region, HSBC has exited Jordan, Pakistan, Iran, Iraq and Libya, while UAE and Saudi Arabia remain its key growth markets, along with China (Pearl River Delta), Hong Kong, Malaysia, Singapore and the UK.