JPMorgan, Int. bank in UAE shift to Mon-Fri work week with break for prayer on Friday



by   |  VIEW 1211

JPMorgan, Int. bank in UAE shift to Mon-Fri work week with break for prayer on Friday

The United Arab Emirates wings of German state-backed Deutsche Bank AG, blue-whale US lender JPMorgan Chase & Co alongside France-based Societe Generale SA, had been brewing off an option to change their work-week to Monday to Friday from a prior Sunday to Thursday as early as by the New Year, as the international lenders' UAE arms were reportedly looking to align their work schedule with global markets.

Aside from that, a press agency report had quoted a source familiar with the subject-matter who wished to remain anonymous given the scale of sensitivity of the issue as saying on Sunday that Germany’s Deutsche Bank AG would alter its work-week schedule to Monday-Friday from January 3 while leaving behind a prior Sunday-Thursday work-week which is widely witnessed in Mideast countries.

On top of that, Wall Street lender JPMorgan Chase & Co’s UAE arm also had been preparing a similar approach with a break for prayers on Friday, the New York City-headquartered American multinational lender had told in a statement.

A spokesperson for France’s Societe Generale, in tandem, was quoted saying in an emailed statement that it was exploring an option to roll out a Saturday-Sunday weekend from January 2 at its Dubai- alongside Abu Dhabi-based entities.

UAE’s international lenders shift to Saturday-Sunday weekend

Nevertheless, a Bloomberg news report had unveiled late on Sunday that the heavy-weight US lender JPMorgan, Deutsche Bank, Societe Generale alongside Bank of America would shift to a Saturday to Sunday weekend from New Year.

Nonetheless, a spokesperson for Bank of America Corp had declined to comment over the subject-matter while being asked over the issue.