Major financial firms evacuate offices after Iran threatens U.S. banks in Gulf

BEIRUT — Several major banks and financial firms have evacuated staff from offices in Dubai after Iran threatened to target American and Israeli economic interests in the Gulf, according to multiple sources contacted by AFP, Reuters and L’Orient Today.

The warning comes amid escalating hostilities after the Unites States and Israel launched a war on Iran on Feb. 28. Since then, the Islamic Republic has retaliated by carrying out strikes targeting U.S. military bases and assets in the Gulf.

Employees of U.S. banking giant Citi were instructed by management to leave offices in the Dubai International Financial Centre (DIFC) and in the Oud Metha district due to “increased security concerns,” a source told AFP on condition of anonymity. A Citi spokesperson told Reuters the bank was taking steps to ensure staff safety and had business continuity plans in place.

Established in 2004 to attract global financial institutions, DIFC has grown into one of the region’s largest financial hubs. By the end of 2025, it hosted more than 290 banks, 102 hedge funds, around 500 wealth management firms and 1,289 entities linked to family offices.

Two sources told Reuters that another multinational British bank, Standard Chartered, had also begun evacuating staff from its Dubai offices and asked employees to work remotely. A spokesperson for the bank declined to comment, Reuters added. In a message sent to its clients, cited by Reuters, British banking giant HSBC announced the closure "until further notice" of all its branches to "ensure the safety of customers and employees."

Consulting firm Deloitte and PwC also instructed staff to evacuate its Dubai offices on Wednesday, AFP reported.

An informed source confirmed to L’Orient Today that the PwC, located in the DIFC, had likewise asked its employees to evacuate. PwC had closed its offices in three other Gulf countries: Saudi Arabia, Kuwait and Qatar.

The Iranian decision to target banks comes after an administrative building linked to Bank Sepah, one of the largest Iranian public banks and historically connected to the military, was hit overnight in Tehran, semi-official Mehr news agency reported.

Iran's central operational command, Khatam al-Anbiya, said "the enemy has given us free rein to target economic centres and banks belonging to the United States and the Zionist regime."