India

Deutsche Bank to increase size of Indian Team

Following its cutting of 18,000 jobs in the first half of 2019, Deutsche bank has revealed its intent to hire 140 people in its Indian wealth management and retail banking divisions.

The hires come following the injection of USD520 million into Deutsche bank’s Indian division, as the bank continues the process of restructuring and cost-cutting in German firm’s other operations, according to a report by Bloomberg.

Amit Bhatia, Deutsche Bank’s India Head of Private & Commercial Clients, has stated that “The India franchise is given the mandate to expand, as this is a growth market, and everyone has high expectations from this country. Plans are on for aggressive growth, and we have been assured that capital is not going to be a concern.”

The investment in the India operation reflect Deutsche Bank’s plans to shift its focus on its retail banking and wealth management operations amid its restructuring, which was unveiled by Christian Sewing, the Chief Executive Officer of Deutsche Bank, as part of the bank’s attempt to reduce its costs by about a quarter.

The restructuring has also meant that all hires require the approval of Sewing, who has approved the addition of 120 people to the India operation’s retail banking division, and 19 relationship managers into its wealth management division.

Following the USD520 million investment, Deutsche Bank’s India operation hopes to launch a discretionary portfolio management service, bolster its digital banking channels, and boost loan sizes to its corporate clients.