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FGB to cut workforce by around 10%

The UAE's third-largest lender, First Gulf Bank (FGB) is cutting about 300 jobs, or nearly 10% of its workforce, as part of a restructuring plan, Reuters has reported, citing sources familiar with the matter. FGB employees were informed about the plan last week and the cuts will mainly affect the bank's consumer banking business, the sources said. "This reduction in the workforce underlines the bank's commitment to managing its costs in a prudent and sustainable manner," FGB said.