Global lenders have taken precautionary steps in the Gulf this week, moving staff out of physical offices and suspending some branch operations as authorities and companies respond to new threats aimed at financial targets linked to foreign powers.
U.S.-based Citigroup instructed employees to leave its offices in the Dubai International Financial Centre (DIFC) and the Oud Metha district, directing them to work from home until further notice, according to a memo sent to staff. The bank said it is implementing measures to protect employees and has contingency plans to maintain business operations.
Standard Chartered, which maintains a large presence in the United Arab Emirates and has increasingly positioned senior executives in the region in recent years, has also told Dubai-based staff to work remotely, according to accounts from people familiar with the situation. A spokesperson for the bank declined to comment on the steps.
Separately, HSBC has temporarily closed all branches in Qatar until further notice, citing the safety of staff and customers in a customer notice. The bank also said that the safety of colleagues and customers remains its top priority in relation to staff based in Dubai.
These operational changes follow a statement from a spokesperson for Tehran's Khatam al-Anbiya military command headquarters saying Iran would target economic and banking interests linked to the U.S. and Israel in the region after an attack on an Iranian bank. An administrative building associated with Bank Sepah, one of Iran's largest public banks and an institution with historical links to the military, was struck overnight in Tehran, the semi-official Mehr news agency reported.
Many companies - both foreign and local - had already directed employees to work from home after Iran launched missile strikes across the Middle East in response to U.S. and Israeli actions, a sequence of events that produced casualties, infrastructure damage and travel disruption. Against this backdrop, banks and other financial institutions have accelerated measures intended to shield staff and sustain core services.
Dubai's standing as a dependable regional financial hub is under strain as these developments unfold. The DIFC, established in 2004 as part of Dubai's long-term effort to attract financial services, had grown to host a substantial roster of firms by the end of 2025 - more than 290 banks, 102 hedge funds, 500 wealth management firms and 1,289 family-related entities - underscoring the scale of activity that could be affected by sustained security concerns.
Standard Chartered derives nearly 6% of its overall income from the UAE, according to company filings, and has placed senior leaders in the region. Roberto Hoornweg, CEO of the bank's investment banking arm, is based in Dubai. He declined to comment through a bank spokesperson.
HSBC's CEO Georges Elhedery recently affirmed the bank's continued confidence in the Gulf Cooperation Council's fundamentals and future, saying the conviction was unchanged. The bank reiterated that the protection of staff and customers was a priority as it adjusted operations.
Representatives for other major international banks offered limited public comment. A spokesperson for JPMorgan declined to comment. At Goldman Sachs, employees across the region are working from home and following local official instructions, according to a person with knowledge of the matter.
For financial institutions with sizeable regional footprints, the immediate focus has been on operational resilience and personnel safety. The decisions to vacate offices, curtail branch operations and direct staff to remote work reflect an effort to limit exposure to security risks while maintaining client services.
How long these measures remain in place will depend on developments on the ground and further statements from regional actors. For now, the precautionary steps taken by Citigroup, Standard Chartered, HSBC and other firms underscore the sensitivity of banking operations to geopolitical developments in the Gulf.