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UAE faces a second wave of job cuts could continue into next year as companies feel the pinch of the economic downturn, a senior banker has warned despite renewed confidence in a recovery, The national reported today.
“We are not out of the woods yet, by no stretch of imagination. We may see some corporate failures and stress in the corporate world,” said Chris de Bruin, the country head of consumer banking at Standard Chartered.
“Our biggest challenge [as consumer bankers] are people who have lost their jobs.”
“It is a difficult time for consumer banks right now,” Mr Sarkar, the head of consumer banking at Emirates NBD said. “The fourth quarter and first quarter of 2010 will be tough, but the second half should get better.” Sarkar said to The National.
“I think we will see a significant pick-up in economic activity next year, and credit growth will resume, but it will be a top down process, and it’s going to take time to feed through to SMEs,” Mr Williams said. “Some firms may find they can’t hold on.”
Bobby Sarkar, an analyst at Al Mal Capital, said to The National, default rates had climbed during the past year. “We have seen a fair amount of turbulence, particularly in unsecured-lending products, personal loans and credit cards,” he said.
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