Deutsche Bank, which has unveiled some large public recruitment plans in recent weeks, is currently in the midst of a global hiring freeze.
This is not unprecedented at this time of year, when most banks take stock of their recruitment throughout 2013 and plan their hiring intentions for the coming 12 months. However, Deutsche Bank has recently unveiled plans to hire hundreds of people in locations like Dublin and its expanding office in Birmingham.
A memo sent to recruiters at the end of October said that there is a “global hiring pause with immediate effect” at Deutsche Bank, that “there will be certain roles in GT [global technology] that may continue with external hiring” and that any legal recruitment would be exempt. It didn’t say when the pause would be lifted.
This weekend, the bank revealed that it was creating an additional 700 jobs in Dublin, and would be starting the recruitment next year. Meanwhile, Deutsche Bank also intends to bolster headcount by a further 1,000 people in its Birmingham office. This is not restricted to back office staff – it’s also been hiring traders and salespeople to carry out low-touch electronic trading in the city.
Recruiters suggest that the rigour of the hiring pause has already been tested, with new roles emerging and new hires being signed off in recent weeks. Macquarie, Santander and Citi are also rumoured to have hiring freezes, although headhunters remain unconvinced that these are air tight.
Meanwhile, other investment banks have continued to recruit going into the tail of 2013 – UBS is still said to be hiring, as is JPMorgan and Morgan Stanley.
Deutsche Bank did not respond to requests for comment.