German financial services group Deutsche Bank is set to embark on a hiring spree in India, the Economic Times reported citing a senior executive.

The hirings will focus on bolstering Deutsche Bank’s technology workforce to strengthen its internal engineering and IT capabilities.

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“With our technology strategy launched in 2019, we want to strengthen engineering and IT architectural excellence in Deutsche Bank, and we need to have these capabilities in-house,” Deutsche Bank chief technology, data and innovation officer Bernd Leukert told the publication.

The bank aims to hire 2,500 people this year to “cater to growth and backfill roles” Leukert said.

In the past two years, the bank has doubled its team size to 5,000 in India, which is home to a third of its total technology team.

The announcement comes as the rest of the group is undergoing rationalisation and job cuts.

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With the quality of technology and engineering skills available in India, it was the obvious choice for increasing footprint, Leukert noted.

“We decided to grow into technology centres, and India is now our biggest one. It is not necessarily about gaining cost benefits, but rather the technology talent that we see in India,” Leukert said.

The lender’s technology centre in India offers services across a range of business areas and is said to be leading the development in areas like machine learning, cloud, artificial intelligence and remote work.

In the long run, Deutsche Bank aims to strengthen its technology talent by employing 70% team internally and 30% from vendors. Currently, it is split equally.

In April 2022, France-based Sopra Banking Software (SBS) announced plans to bolster its plans in the Indian market.