Deutsche Bank is set to hire around 140 people in India as it moves its focus to retail banking and wealth management, according to a report by Bloomberg.
India is considered a growth market for the organisation, which has also been the most profitable Asian market in FY18. The Indian retail banking franchise received $520m capital injection earlier this year.
"Plans are on for aggressive growth, and we have been assured that capital is not going to be a concern," Amit Bhatia, head of private and commercial clients in India said in an interview to Bloomberg.
Plans are on for aggressive growth, and we have been assured that capital is not going to be a concern"
""The India franchise is given the mandate to expand, as this is a growth market, and everyone has high expectations from this country," he added.
In July, the German lender had laid off 18,000 employees, including over 20 in India. These plans were revealed by Christian Sewing, CEO of Deutsche Bank, with the majority of cuts in the investment banking and trading sectors.
Despite this, the Indian wing has already received the approval to add 120 people in retail banking and 19 relationship managers for the local wealth business.
Following the $520m investment, Deutsche Bank's India operation hopes to launch a discretionary portfolio management service, bolster its digital banking channels, and boost loan sizes to its corporate clients.
Deutsche Bank started its India operations in 1980 and now has about 1,800 employees in businesses including retail and wholesale banking, investment-banking advisory and wealth-management services. The retail bank has 17 branches in 16 Indian cities, the only such operation outside Europe.