Deutsche Bank wants to rebuild its SA workforce
Saying it is not the traditional Deutsche Bank of old, the lender plans to hire 26 people across various units in SA
Deutsche Bank plans to start rebuilding its SA workforce just months after scaling back staff and cutting costs as part of a global restructuring.
The German lender is appointing a new head of its corporate finance coverage in Johannesburg, which bore the brunt of the cuts that saw the number of Deutsche Bank’s SA employees reduced by as many as 50 last year. The bank then plans to hire 26 people across that unit and in others, such as fixed income, local CEO Muneer Ismail said in an interview on Tuesday.
“The hiring we are currently pursuing is geared toward enhancing the areas where we have global and local strengths, such as fixed income,” Ismail said. “In the next two-to-three months we should be back to fighting strength.”
Deutsche Bank said in June it would terminate its advisory, corporate-broking and sponsor-services units in SA as part of a wider turnaround plan by then newly-appointed CEO Christian Sewing. This month, Sewing kicked off a new era, saying that costs are under control and that the lender can look to increase revenue, albeit in a controlled fashion.
The bank is also rebuilding in the Middle East and has hired executives to help win debt and advisory deals.
“We are not the traditional Deutsche Bank of old,” said Ismail. “We have reshaped the business, and are redirecting resources to areas where we believe we can add most value to clients.”
The lender has had a presence in SA since 1979 and opened a branch there in 1998, offering corporate-finance advisory services, equities research and trading, foreign-exchange and fixed-income trading as well as global transactional banking.