Deutsche Bank may not have even been on your list of potential employers in Asia 12 months ago. The firm was in the midst of redundancies in the region.
But if you’re searching for jobs during the post-bonus season in Singapore or Hong Kong this year, Deutsche is slowly coming back into contention – at least in some functions.
What do you need to know about Asian jobs and careers at Deutsche before you apply to the bank? We looked through its newly-released 2017 annual report and human resources report to find out.
Asia Pacific was the only Deutsche region (its others are Germany, EMEA, North America and Latin America) where headcount expanded in 2017. Its workforce there increased 3.8% (762 people) compared with 2016 to reach 20,861. How did Asia grow in the face of Deutsche’s global restructuring? It was “primarily due to insourcing of business critical external roles”, especially technology and COO jobs, according to the firm’s annual report. IT insourcing, which also bolstered staff numbers at DBS in 2017, typically involves taking work away from third-party vendors and moving it in-house. Deutsche has also been adding Asia-based infrastructure jobs in its corporate and investment bank.
Not all Deutsche’s new Asian jobs are behind the scenes. Deutsche’s private and commercial bank has extended its “presence in key international markets, especially in Asia”. Its “strong organic growth strategy” in the region partly compensated for an overall fall in global commission and fee income. While Deutsche’s annual report doesn’t specifically comment on its private banking headcount, previous statements indicate that it went up in 2017. Asia Pacific head of wealth management Lok Yim announced plans in June to add 50 client-facing roles in Asia during the second half of 2017. Deutsche stepped up its recruitment in 2017, following senior staff defections the previous year, say headhunters. More hiring could be on the cards for 2018 – the annual report earmarks Asia as an important growth market, and new relationship managers have already come on board.
As at Standard Chartered, bread and butter banking at Deutsche is performing well in Asia. The business “acquired numerous major mandates, especially in Europe and Asia, in the automotive sector and from large conglomerates”. Deutsche identifies “strengthening intra-Asian trade” as a “key driver” of global economic growth.
The region was singled out for the wrong reasons in FX. Asia Pacific foreign exchange and rates revenues decreased last year, “with a strong first quarter of 2017 offset by lower client activity during the remainder of the year”, according to the bank’s annual report. Deutsche’s 2017 earnings, released last month, also blamed low market volatility in Asia for the slump. As we reported at the time, bonuses in Asian FX are likely to be affected as a result.
Banks in Singapore and Hong Kong are talking up their part-time opportunities as they try to recruit and retain more working parents. But Deutsche has a mere 43 part-time staff across Asia Pacific, according to its 2017 human resources report. That compares with more than 12,000 in Germany and more than 1,000 in the rest of Europe.
The average Deutsche employee in Asia Pacific is 34.5 years old. That’s up from 33 in 2013, but it’s still a lot younger than the decidedly middle-aged global average of 41.7. Last year’s influx of insourced developers (who tend to be younger than staff in many non-tech functions) and Deutsche’s large technology centres in India and the Philippines are likely helping to keep its regional workforce comparatively youthful.
Perhaps as a result of being younger (banking professionals tend to move jobs more often at the start of their careers), Deutsche’s Asian staff are staying with the bank for ‘only’ 5.2 years on average. That’s about half the tenure (10.3 years) of their colleagues in EMEA (ex-Germany).
“At the beginning of 2017, a consistent approach to parental leave was implemented in the Asia-Pacific region”, says the HR report. “It no longer differentiates between a male and a female parent, but instead it is gender-neutral and takes into account the roles of primary and secondary caregiver”.
Image credit: Goran Jakus Photography, Getty