Deutsche Bank is moving jobs from sunny Florida to India to cut costs

0
353
Deutsche Bank is moving jobs from sunny Florida to India to cut costs



Sean Gallup/Getty Images

Goldman Sachs is moving dozens of compliance jobs out of New York City to cheaper places like Salt Lake City, Business Insider previously reported.

But Deutsche Bank is taking this a step further, by moving some back-office staff out of the US entirely.

2018 was rough for Deutsche Bank.

See also:Deutsche Bank has hired a new managing director in credit trading, one of the bank’s top businesses

The bank has been dogged by high levels of executive turnover and legal fines and a few months ago, prosecutors raided the lender’s offices in Frankfurt. The raids were said to have included the offices of its board members, suggesting that the investigation linked to the bank’s role in the “Panama Papers” money-laundering scandal is spreading. The news caused Deutsche Bank shares to fall to a record low.

Anticipating a year of unease ahead, the bank’s executives have pledged to keep a lid on costs, Reuters reported. The lender has set the costs to 22 billion euros in 2019.

Deutsche Bank is also set to relocate its North American headquarters to NYC’s Midtown from Wall Street after a 16-month search.

Sign up here for our weekly newsletterWall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals.

See also:

  • Wall Streeters fled to Silicon Valley to chase riches, influence, and a better life. Now they’re bouncing back to banking.
  • Morgan Stanley is cutting dozens of jobs across sales and trading right before year-end bonuses
More:

Deutsche Bank AG
Offshore
India
Technology

Read More

LEAVE A REPLY

Please enter your comment!
Please enter your name here