AME Info, Abu Dhabi, United Arab Emirates, banking briefs
Nov 20, 2012 (Menafn - AME Info - McClatchy-Tribune Information Services via COMTEX) --CITI PLANS TO REDUCE SALES AND TRADING JOBS: REPORT: Citigroup Inc. is preparing to cut 300 sales and trading jobs globally in 2012, as part of its plan to streamline its banking operations, the Wall Street Journal has reported, citing people briefed on the process. A Citigroup spokeswoman declined to comment specifically on the latest round of cuts but said the company had "been making targeted headcount reductions throughout the year in certain businesses and functions across Citi as part of our efforts to control expenses during the current environment," the daily said.
SAUDI INSURER OPENS RETAIL OUTLET IN BAHRAIN: Saudi National Insurance Co (SNIC) has opened the company's first retail outlet in Bahrain following five years of successful operation in the kingdom. The new centre at Salmabad will sell individual products ranging from private motor, medical and home insurance to individual client handling policy issuance, claims and renewals, SNIC said.
BANK LOANS, SERVICES AVAILABLE ONLY TO EMIRATES ID CARD HOLDERS: The UAE central bank has instructed banks in the country to not provide loans or other bank services and facilities to clients who do not have the Emirates Identity Card, Emirates 24-7 has reported. According to a circular by the apex lender, customers' passports are no longer sufficient to complete bank transactions.
JORDANIAN LENDERS TO COVER EMPLOYEES' CASH SUBSIDY COSTS: Jordanian, Arab and international banks operating in the country have decided to cover the costs of the government's direct cash support for their employees to replace fuel subsidies, Jordan Times has reported. "This initiative was taken after negotiations between banks on ways to face the price hikes that resulted from the decision to lift fuel subsidies," said Bassem Salem, chairman of the Association of Banks in Jordan board of directors. "The decision is a contribution on our part to support the government and to alleviate some of the financial burden on the treasury."
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