Abu Dhabi's Al Hilal Bank cuts 160 jobs

Abu Dhabi's Al Hilal Bank has made about 160 people redundant ahead of a three-way merger with Abu Dhabi Commercial Bank and Union National Bank, three sources familiar with the matter told Reuters. Majority of those laid off were staff outsourced from a Dubai-based company, one of the sources said. The staff were largely in the retail and sales business while a small number were in the administration and finance departments, the sources said. More cuts are expected to follow in June, said two sources who declined to be named due to commercial sensitivities.