Deutsche Bank’s Indian operation is set to hire about 140 people and boost its retail banking and wealth management operations
The ambitions for India reflect Deutsche Bank’s wider focus on retail banking and wealth management
Deutsche Bank AG’s only retail banking franchise outside Europe is getting more investment, amid sweeping cost cuts and restructuring taking place elsewhere at the German lender.
After receiving a 470 million euro ($520 million) capital injection earlier this year, Deutsche Bank’s Indian operation is set to hire about 140 people and boost its retail banking and wealth management operations.
“The India franchise is given the mandate to expand, as this is a growth market and everyone has high expectations from this country,” said Amit Bhatia, the bank’s India head of private and commercial clients. “Plans are on for aggressive growth, and we have been assured that capital is not going to be a concern,” Bhatia added in a recent interview.
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The ambitions for India reflect Deutsche Bank’s wider focus on retail banking and wealth management as it pursues the sweeping restructuring unveiled by Chief Executive Officer Christian Sewing earlier this year, involving the loss of 18,000 jobs and a plan to reduce costs by about a quarter. Some of the heaviest cuts are falling on investment banking and trading, and all new hiring requires approval from Sewing.
Source: Livemint
