Nov. 15 (Bloomberg) -- Deutsche Bank AG, Europe’s biggest investment bank by revenue, plans to more than triple its Irish workforce over the next three years to exceed 1,000 employees.
The bank will hire 700 people after signing a lease on 100,000 square feet (9,290 square meters) of office space in Dublin, Nelius De Groot, global head of financial institutions and securities sales in the transaction-banking division, said in an interview in the Irish capital today. The jobs will be in global technology, operations and transaction banking, he said.
Deutsche Bank’s overhaul of its information technology systems, as well as job cuts, are at the center of its plan to reduce costs by 4.5 billion euros ($6 billion) annually by 2015. As part of that effort, the Frankfurt-based bank is expanding in lower-cost locations by hiring and by moving support staff from hubs in London, Singapore and New York.
“This isn’t a case of moving teams from other places,” De Groot said. “This is creating additional capacity, though obviously if employees in other locations want to apply for the jobs, then their applications will be considered.”
Deutsche Bank, present in Dublin since 1991, has doubled its local workforce over the past four years to almost 330, despite “the economic environment and fragility of the Irish economy,” De Groot said.
Three-quarters of the bank’s existing Irish staff are employed in the technology and operations unit, De Groot said. The remainder work in transaction banking, which provides cash management and trade-finance services to financial institutions and corporates as well as trustee and securities services to sovereign wealth funds and hedge funds, he said.
“It’s not a hedge fund-based business, that’s just one aspect,” he said.