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Several global banks have taken precautionary measures in the Gulf region after Iran warned it could target economic and banking interests linked to the United States and Israel. Citigroup asked employees to evacuate its offices in Dubai and shift to remote work, while Standard Chartered also began moving staff out of offices as a safety step. HSBC temporarily closed all its branches in Qatar to protect staff and customers. The developments come after missile exchanges and rising regional tensions, raising concerns about Dubai's reputation as a stable financial hub that has long attracted international banks and investors.
Global banks have begun taking safety measures across the Gulf region after rising geopolitical tensions triggered concerns about potential threats to financial institutions linked to the United States and Israel. Advertisement
Citigroup asked its employees to evacuate offices in Dubai and shift to remote work. An internal memo sent to staff and seen by Reuters indicated that employees working at the bank's offices in the Dubai International Financial Centre and the Oud Metha area were instructed to leave the premises and work from home until further notice. The bank's spokesperson said the institution continued to take steps to ensure staff safety and had contingency plans in place to maintain normal business operations.
Standard Chartered has also started evacuating its Dubai offices and advising staff to work remotely, according to people familiar with the matter. The bank has a significant presence in the United Arab Emirates, although its spokesperson declined to comment on the development.
Dubai has become a major financial centre for international lenders over the past two decades. Large global institutions including JPMorgan Chase and HSBC operate major regional hubs in the city, alongside asset managers, legal firms and investment advisory businesses.
HSBC separately announced that it had closed all its branches in Qatar until further notice. A notice issued to customers explained that the decision was taken to ensure the safety of both employees and customers. The bank later reiterated that protecting colleagues and clients remained its highest priority.
These steps followed statements from Iran indicating that economic and banking interests connected to the United States and Israel in the Gulf region could become potential targets. The warning came after an attack on an Iranian bank building in Tehran.
Reports from Iran indicated that an administrative building linked to Bank Sepah, one of the country's largest public sector banks with historical ties to the military, was struck overnight. The semi-official Mehr news agency reported the incident, which intensified fears of further escalation.
Businesses across the Middle East had already begun adopting precautionary work-from-home arrangements. Many companies instructed employees to stay away from offices after Iran responded to U.S. and Israeli strikes by launching missiles at several targets across the region. The attacks resulted in casualties, infrastructure damage and significant disruption to travel in multiple countries.
The growing conflict has raised concerns about Dubai's reputation as a stable and secure financial centre. For years the city has promoted itself as the Middle East's most reliable hub for international capital, banking and investment activity. However, the current tensions have triggered fears that companies could reconsider their regional operations if the security situation worsens.
Dubai's financial sector expansion accelerated after the creation of the Dubai International Financial Centre in 2004. The financial district was established to attract global banks, hedge funds, asset managers and professional services firms through an independent regulatory system and business-friendly policies.
By the end of 2025, the DIFC had grown into one of the region's largest financial ecosystems. The district hosted more than 290 banks, 102 hedge funds, around 500 wealth management companies and over 1,200 family-related entities, highlighting Dubai's transformation from a modest trading and fishing port into a global financial hub.
Standard Chartered generates nearly 6 percent of its global income from the United Arab Emirates, according to company filings. The bank has strengthened its regional presence in recent years by relocating senior executives to the Gulf. Its investment banking chief Roberto Hoornweg is based in Dubai, making him one of the most senior leaders from a major international bank working in the region.
HSBC's global leadership has also maintained confidence in the Gulf market despite the rising tensions. The bank's chief executive Georges Elhedery indicated earlier that HSBC's long-term confidence in the fundamentals and future of the Gulf Cooperation Council economies remained unchanged.
Other financial institutions are also adjusting operations temporarily. Employees of Goldman Sachs across the Middle East have been working remotely while monitoring guidance from local authorities. Meanwhile, JPMorgan Chase declined to comment on its operational arrangements in the region.
Source Reuters
5th Jun, 2025
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