Deutsche Bank AG plans to hire 120 staff for retail banking and 19 relationship managers for its wealth management operations in India, Bloomberg News reported Aug. 27, citing a spokesman for the bank and Amit Bhatia, head of private and commercial clients for the bank in India.
The move came after the German lender injected €470 million into its Indian operations, which currently has about 1,800 employees in businesses including retail and wholesale banking, investment-banking advisory and wealth-management services. Its retail bank operates 17 outlets in India.
The hiring plan came as Deutsche Bank has been pursuing a restructuring that involves cutting 18,000 jobs and slashing costs by a quarter. As part of the cost-cutting efforts, the lender let go more than 20 staff in India earlier in 2019.
