Deutsche Bank hired 1,300 technology staff last year. But bad luck to contractors
Technology may be eating jobs at Deutsche Bank, but it's not eating the jobs of technologists just yet. Despite the bank making cuts, eliminating roles and terminating contractors, technology hiring is way, way up. In its Q4 results presentation today, Deutsche Bank revealed that it had added 1,300 "tech specialists," over three times as many people as it hired in revenue-generating roles (400).
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These specialists are presumably working on the bank's front-to-back "re-design and automation of processes." CEO Christian Sewing said Deutsche Bank's Q4 earnings call that it wants to "run a much leaner platform, as [its] investments in technology, automation and controls mature."
Sewing says "decommissioning of further applications or moving them to the cloud" is still an ongoing part of the tech transformation. On that front, the bank notably hired Eugene Gilerson, an MD working on Citi's transformation, who joined Deutsche Bank as chief data officer in September. It's not all been incomings, though; Bill Mott, who led transformation in the corporate bank, left for JPMorgan in November.
Deutsche Bank is spending money on technologists to cut costs. The bank anticipates that it will save €500m ($520m) from infrastructure optimization and process automation in 2025.
The bank is continuing to hire tech staff in 2025; 503 of the Deutsche Bank's 1894 open roles are in 'technology, data and innovation.' While Sewing says the removal of 3,500 roles across the bank has been "focused in high-cost locations," tech hiring is focused on more affordable locations. Of the 503 current openings, 207 are in India and 148 are in Romania, while just 29 are in the US.
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