Finance
Citi, StanChart evacuate Dubai offices, HSBC closes Qatar branches as fears grow
Published by Global Banking & Finance Review®
Posted on March 11, 2026
4 min readLast updated: March 11, 2026
Quick Summary
Citigroup and Standard Chartered have evacuated Dubai offices, shifting staff to work-from-home as a precaution after Iran threatened targeting of U.S. and Israeli-linked banking assets. Meanwhile, HSBC has shuttered all branches in Qatar to safeguard clients and employees, amid mounting regional te
Citi, StanChart Evacuate Dubai, HSBC Closes Qatar as Gulf Tensions Rise
Banking Operations Disrupted Amid Rising Gulf Tensions
By Hadeel Al Sayegh and Lawrence White
Major Banks Respond to Security Threats
DUBAI/LONDON, March 11 (Reuters) - Citigroup and Standard Chartered have begun evacuating their Dubai offices, telling staff to work from home instead, sources said on Wednesday, as banks step up precautions after Iran threatened Gulf banking interests linked to the U.S. and Israel.
Citigroup's Evacuation Measures
U.S. financial giant Citigroup told its staff to evacuate offices in the Dubai International Financial Centre (DIFC) and Dubai's Oud Metha neighbourhood, a memo sent to employees which was seen by Reuters shows, telling them to work from home until further notice.
A spokesperson for the bank said it was continuing to take measures to keep staff safe and had contingency plans in place to ensure business continuity.
Standard Chartered's Position
Britain's StanChart has a large presence in the United Arab Emirates, with Dubai now a major financial hub for leading international lenders including JPMorgan and HSBC, as well as law firms and asset managers.
A spokesperson for StanChart declined to comment.
HSBC's Qatar Branch Closures
Separately, HSBC has closed all branches in Qatar until further notice, according to a customer notice, saying the measure was to ensure the safety of staff and customers.
Regional Tensions and Threats
Iran's Warnings and Recent Attacks
The moves came after a spokesperson for Tehran's Khatam al-Anbiya military command headquarters said on Wednesday that Iran will 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 linked to Bank Sepah, one of Iran's largest public banks and with historical links to the military, was hit overnight in Tehran, the semi-official Mehr news agency reported.
Impact on Workforce and Business Operations
Many staff at foreign and local businesses had already been told by employers to work from home after Iran responded to U.S. and Israeli strikes by firing missiles at targets across the Middle East, causing deaths, damage and travel chaos.
Dubai's Safe-Haven Status Challenged
Economic Impact on Dubai
CONFLICT DENTING DUBAI'S SAFE-HAVEN STATUS
The war in the region has dented Dubai's sales pitch to international businesses as the region's most reliable economic hub, prompting concerns of capital flight, layoffs and firms relocating elsewhere, Reuters reported last week.
Growth of Dubai's Financial Sector
The creation of the DIFC in 2004 kickstarted Dubai's push to draw financial firms.
By the end of 2025, DIFC hosted more than 290 banks, 102 hedge funds, 500 wealth management firms and 1,289 family-related entities, capping Dubai's decades-long transition from a modest fishing port into a glittering global financial hub.
Bank Leadership and Regional Commitment
StanChart, which makes nearly 6% of its overall income in the UAE according to company filings, has in recent years increasingly based senior executives in the region.
The CEO of its investment bank Roberto Hoornweg is based in Dubai, a StanChart website shows, making him one of the most senior financiers at a global bank to be based in the region.
Hoornweg declined to comment via a bank spokesperson.
HSBC and JPMorgan Statements
HSBC CEO Georges Elhedery said on Monday that the bank's "conviction in the GCC's (Gulf Cooperation Council) fundamentals and its future is unchanged", in some of the first comments from an international bank boss on the growing crisis.
"The safety of our colleagues and customers remain our top priority," HSBC said in a statement on Wednesday in relation to its Dubai-based staff.
A spokesperson for JPMorgan declined to comment.
Other Financial Institutions' Responses
At Goldman Sachs, employees across the region are working from home and following local official instructions, a person with knowledge of the matter told Reuters.
(Reporting by Hadeel Al Sayegh, Timour Azhari and Lawrence White, additional reporting by Tatiana Bautzer in New York. Writing by Tommy Reggiori Wilkes; Editing by Elisa Martinuzzi, Anousha Sakoui and Alexander Smith)
Key Takeaways
- •Citigroup instructed its Dubai-based staff across the Gulf to work remotely following Iran’s warning to target banking interests tied to the U.S. and Israel. (marketscreener.com)
- •Standard Chartered has also began evacuating staff from its Dubai offices, authorizing work-from-home arrangements as part of elevated security measures. (lse.co.uk)
- •HSBC has temporarily closed all of its branches in Qatar to protect staff and customers, while emphasizing its continued confidence in the GCC’s long-term fundamentals. (lse.co.uk)
References
Frequently Asked Questions about Citi, StanChart evacuate Dubai offices, HSBC closes Qatar branches as fears grow
1Why did Citi and Standard Chartered evacuate their Dubai offices?
Citi and Standard Chartered evacuated their Dubai offices due to security concerns after Iran threatened Gulf banking interests linked to the U.S. and Israel.
2Which bank closed its branches in Qatar and why?
HSBC closed all its branches in Qatar until further notice to ensure the safety of staff and customers amid rising regional tensions.
3How has the Gulf conflict affected Dubai's reputation as a financial hub?
The conflict has dented Dubai's image as the most reliable economic hub in the region, raising concerns over capital flight and business relocations.
4Are other banks in the region affected by these tensions?
Yes, other banks like JPMorgan and Goldman Sachs have implemented remote work for staff in response to the situation.
5What measures are banks taking to ensure business continuity?
Banks are enacting contingency plans, remote work policies, and communication protocols to protect staff and maintain operations amid escalating threats.
