London/Dubai/Doha – Global banks are taking precautionary measures and adjusting operations in the Gulf region following Iranian threats targeting financial institutions that conduct business with the United States or Israel. The escalating tensions are prompting a reassessment of risk and contingency planning among major international players.
Citigroup and Standard Chartered have begun evacuating staff from their Dubai offices and instructing employees to work remotely, according to sources familiar with the matter. The move comes after Iran declared that American and Israeli banks are now considered potential targets. A memo sent to Citigroup employees on Wednesday, March 12, 2026, and reviewed by Reuters, directed staff to leave offices in the Dubai International Financial Centre and the Oud Metha district until further notice.
“We continue to take steps to safeguard our employees and have contingency plans in place to ensure business continuity,” a spokesperson for Citigroup stated.
Standard Chartered, a London-based bank with a significant presence in the United Arab Emirates, has too taken action. Dubai has emerged as a global financial hub, hosting leading banks including J.P. Morgan and HSBC, as well as law firms and asset managers. According to a notice to clients, HSBC has closed all of its branches in Qatar indefinitely.
The situation highlights the increasing geopolitical risks impacting financial institutions operating in the Middle East. The moves by these banks reflect a broader trend of risk mitigation in response to heightened regional instability.
Goldman Sachs Group has instructed employees to obtain permission before visiting its offices across the Middle East. Standard Chartered also requested that employees in the Dubai International Financial Centre and surrounding areas leave their offices on Wednesday, according to individuals with knowledge of the situation.
The Dubai International Financial Centre, established in 2004, has been instrumental in attracting financial firms to the region. By the end of 2025, the center hosted over 290 banks, 102 hedge funds, 500 wealth management firms, and 1,289 family offices, demonstrating its importance as a financial center.
These developments underscore the sensitivity of the region to escalating conflict and the proactive steps financial institutions are taking to protect their personnel and maintain operational resilience. The situation remains fluid, and banks are closely monitoring developments as tensions persist.
