Dubai Islamic Bank (DIB) could axe more than half the workforce with a planned 500-plus job cuts at newly acquired Noor Bank as part of cost cuts across both lenders, said three sources close to the matter. Final numbers on the job losses will emerge after completion of interviews between DIB managers and Noor Bank staff, two of the sources said.

DIB has more than 9,000 employees, the bank says, while sources said that Noor Bank has between 1,200 and 1,400 full-time staff. DIB did not immediately respond to a request for comment. The looming cuts add to the weak environment for white-collar jobs in the United Arab Emirates (UAE), where economic growth has been sluggish, especially in Dubai, which is also suffering from a property downturn.