Deutsche Bank cut graduate hiring last year, hiked hiring elsewhere
Deutsche Bank’s annual report gave an insight into much more than just its financials.
It also revealed that the bank had hired 793 university graduates. If that number strikes you as low, it is – in fact, it’s 11% less than last year’s 890. It’s especially concerning given that Deutsche itself calls graduate hiring a “strategic priority” that helps propel its “change agenda,” which includes cutting costs.
That doesn’t mean headcount has gone down – in fact, it’s grown over the course of the year, by around 2,000, almost entirely due to a surge of hiring in India, although those 2,000 new recruits haven’t been distributed equally. 688 (5.2%) more for the corporate bank, 505 (7.1%) more for the investment bank, and 211 (5.2%) more for asset management were the big gains, on top of the 1762 (5.9%) more in infrastructure.
Interestingly, the largest cuts came in the private bank, which showed 1,132 people the door, mainly in Germany. This in spite of the bank calling recruitment “a key priority,” and listing the private bank as a “main focus” – although it did specify the international private bank.
Deutsche is indeed focusing on its private banking operations. As the Financial Times noted last month, it was one of the birds of prey interested in Credit Suisse's juicy wealth management business.
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