German banking major Deutsche Bank is set to expand its retail banking business in India though it is effecting massive restructuring of its business globally, which could result in massive lay-offs.
The German lender is planning to hire around 140 people to bolster its retail banking and wealth management operations in the country, Bloomberg reported.
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Deutsche has received approval to add 120 people in the retail banking unit. It will also hire 19 relationship managers for its local wealth business.
Earlier this year, the bank also injected around $520m in capital to support its operations in India.
These moves are said to be part of the bank’s strategy to boost its digital banking service. Also, it plans to increase loan sizes to corporate clients and launch a discretionary portfolio management service, the publication added citing a company spokesperson.
Deutsche Bank head of private and commercial clients in India Amit Bhatia was quoted by Bloomberg as saying: “The India franchise is given the mandate to expand, as this is a growth market and everyone has high expectations from this country.
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By GlobalData“Plans are on for aggressive growth, and we have been assured that capital is not going to be a concern.”
Currently, Deutsche Bank has around 1,800 employees across its different businesses in India. It operates 17 branches in 16 Indian cities.
Last month, Deutsche Bank announced a series of measures to support growth and improve profits. The measures included axing 18,000 people as well as scaling down multiple businesses.
It also reported a loss of net loss of €3.1bn in the second quarter of this year.
