Deutsche Bank may be shredding 18,000 jobs globally, but in Asia the firm still has some stable roles on offer. As we’ve already reported, these include private banking, asset management and transaction banking. But the safest Asian jobs of all at Deutsche are potentially found within…technology.
Deutsche is spending €13bn on technology over the next four years as part of the new strategy announced earlier this month by CEO Christian Sewing. It’s also just appointed an ambitious new CIO, Neal Pawar, to help drive its tech spending.
Pawar is expected to allocate a sizeable chunk of the €13bn to Asia, and some of this is likely to be spent on extra headcount. Werner Steinmueller, Deutsche’s APAC chief executive, told the South China Morning Post last week that his region is “getting more investments,” including in technology. A spokesperson for Deutsche declined to provide further detail on the firm’s Asian tech expansion.
In terms of numbers, most of Deutsche’s Asian tech recruitment will almost certainly focus on India and the Philippines. Of the 19,732 people that the German firm employed in Asia at the end of 2018, about two thirds were working in back-office and technology jobs in those two countries. Deutsche’s technology centre in Pune, India recently doubled its graduate intake.
But more technology jobs are also likely to open up at Deutsche in Singapore and Hong Kong as a result of the increased spending, say IT recruiters. Which kind? Vacancies currently listed on the bank’s careers site provide some clues.
In Hong Kong, expect there to be more jobs within global markets technology, a team which is now focused on fixed income and currencies, following the closure of the bank’s equities business. Deutsche is hiring in global markets in the city already, including for a senior Python developer and a treasury production support technologist, both at assistant vice president level. There are also Singapore-based Deutsche technology jobs in global markets, as well as in other fields such as cyber security, information security and data centre services.
Meanwhile, Singapore is an important development hub for Deutsche’s private bank, which plans to hire about 100 relationship and investment managers in Asia by 2021. More technologists will likely be needed to support this front-office expansion and to serve the young, entrepreneurial Asian clients who increasingly want round-the-clock access to investments via mobile platforms. In a sign of potential future recruitment, Deutsche’s current wealth-tech vacancies include a mobile solution architect. If you land this role, you’ll be responsible for performing proof of concepts on new technologies and you’ll need both frontend (eg React Native) and backend (eg Core Java) experience.
Deutsche’s expected tech expansion in Asia raises the question of whether the best candidates will be drawn to working for a bank whose global business has been in turmoil for at least the last two years.
Adam Davies, lead IT recruiter at iKas International in Singapore, says tech professionals aren’t necessarily put off working at banks who’ve been making layoffs in other departments. “That’s because there are always many different tech projects – such as digital transformation, cloud engineering, and risk and pricing systems – that need to carry on regardless of front-office job losses,” he says.
Image credit: AM-C, Getty
Have a confidential story, tip, or comment you’d like to share? Email: firstname.lastname@example.org or Telegram: @simonmortlock
We are on Telegram! Join us now