Deutsche Bank is to hire nearly 20 staff for its wealth management arm in India.
This comes after the German lender said it was planning to cut its global headcount by 20,000 but hire an additional 300 client-facing employees by 2021.
A spokesperson for the bank confirmed to International Adviser: “Wealth will hire 19 people, the majority of whom will be relationship managers.”
It will also look to launch a discretionary portfolio management service.
The Indian operation received a €470m (£426m, $541m) capital injection earlier this year.
Aggressive growth
Amit Bhatia, Deutsche Bank’s India head of private and commercial clients, said to news outlet Bloomberg: “The India franchise is given the mandate to expand, as this is a growth market, and everyone has high expectations from this country.
“Plans are on for aggressive growth, and we have been assured that capital is not going to be a concern.”
Assets under management in the Indian private banking business now stand at around INR170bn (£1.94bn, $2.37bn, €2.14bn) up by INR20bn since October.
