Barclays, the UK-listed banking group, is shedding retail banking jobs at its offices in the United Arab Emirates as part of a strategy shift which puts more emphasis on wealth management, corporate and investment banking, this publication understands.

There will be no reductions in headcount at Barclays Wealth, which is seen as a high-priority business for the group in the Gulf region and elsewhere, nor will there be any reductions at Barclays Capital, its investment banking arm.

This publication was unable to establish exactly how many job cuts are being made in the UAE by Barclays; the bank declined to comment on the specifics when contacted by WealthBriefing.

On 22 March, Barclays stated in a regulatory announcement that five emerging market economies, including the UAE, would cease to be grouped under its retail banking arm and would be moved to the corporate banking side. However, Barclays will retain a retail banking presence in the Gulf state jurisdiction.

The other economies affected by Barclays' realignment of its business lines are India, Pakistan, Russia and Indonesia.

The bank is putting less stress on the affluent retail segment and more on premium clients with a larger amount of wealth, this publication understands.