Deutsche Bank hires in India, amid global cuts
Even though the Deutsche Bank has cut multiple jobs across its global operations, its only retail banking franchise outside of the Europe region is set to hire about 140 people.
The Indian arm of the German lender received about $520 Mn in capital boost through which they will be able to hire more members to their staff to enable the growth of wealth management operations and retail banking wing.
This year has been marked by major restructuring at the German lender wherein about 18,000 jobs were lost as a part of the restructuring efforts to cut costs by a quarter. These plans were revealed by Christian Sewing, CEO of Deutsche Bank, with the majority of cuts in the investment banking and trading sectors.
Whereas, on the Indian front, the future does not appear to be so bleak for the retail banking sector. The Indian wing has already received the approval to add 120 people in retail banking and 19 relationship managers for the local wealth business.
This announcement comes at the heels of an earlier incident wherein more than 20 employees were let go in India in order to restructure the equity sales and trading sector.
Owing to a higher profit margin in the Indian market, wherein the net interest margin in India is about three percentage points, there is a growth opportunity in the country, according to media reports.
According to a Bloomberg report, India showed the most promising revenue numbers for the bank in 2018. Amid a global crisis that the German banking sector is facing at this point in time, other banking giants such as HSBC Holdings also announced that they would be axing hundreds of investment banking jobs. The reasons behind these restructuring efforts include cutting the costs because of low-interest rates in the eurozone, competition from new-age online investment platforms and sluggish economic growth.