Deutsche Bank hired another whole team of people here
Deutsche Bank may be making 18,000 job cuts, but this doesn't mean that it's stopped hiring. On the contrary, it keeps hiring whole teams of people. - Just not for the corporate and investment bank (CIB).
Deutsche's business of choice for mass recruitment is its wealth management business. Last month it hired a team of 13 wealth managers from Credit Suisse in Italy. This month it's hired another team of three from Julius Baer in Dubai, with the promise of more very senior JB arrivals to come.
Deutsche's first three Julius Baer hires are understood to have started in Dubai last week. They comprise Kabir Sharma, Abhishek Sharma and Ravi Singh Sidhu. All three were executive directors at Julius Baer and join Deutsche as directors on the bank's wealth management business for the Indian subcontinent, based in Dubai.
A spokesman for Deutsche confirmed the hires and said an additional managing director and director from Julius Baer are expected to join soon. One member of Deutsche's wealth management team said the bank has an "excellent platform" with a high standard of private banking products and links to its corporate and investment bank which few other banks can match. - "There has been a lot of noise and negativity in the press, but smart investors can read between the lines."
Deutsche's private and commercial bank had a cost income ratio of 95% in the first half of 2019 and generated a post-tax return on shareholders' equity of just 0.4%. A total of € 1.4bn in cost reductions are planned in the private bank before 2022, with the European business being "streamlined." However, Deutsche also says that growing the wealth management business is a "strategic priority" and is clearly willing to invest alongside the cuts.
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