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Deutsche Bank cuts down India staff
By siliconindia
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Thursday, 11 December 2008, 20:55 IST
Kolkata: Despite receiving more capital for business expansion, Deutsche Bank India is laying off employees, following the general industry trend. Though the bank spokesman said that the bank would not wish to comment, a senior official close to the development indicated that the bank had asked several officials to quit as a cost-cutting measure.
The official told the newspaper on condition of anonymity that the decision to lay off some of its employees was in order to 'make minor adjustments in its human resources front'. There have been talks of Deutsche Bank laying off staff at its Singapore operations too.
The bank had recently infused Rs 325 crore of fresh capital into its India operations. A significant chunk of the money is expected to be used for its corporate banking expansion.
The bank remained silent on its current employee strength. The tally significantly rose from 2,250 a year ago and 678 on March 2006, according to Reserve Bank of India's latest fact sheet on banks. A banking industry executive claimed that the number was growing this financial year too, despite this retrenchment. Overall, the group has over 6,000 employees in India.
Many foreign banks operating in India have also shrunk their workforce to cut costs in response to strong headwinds triggered by the economic slowdown. Many layoffs are concentrated across the investment banking divisions. However, in case of Deutsche Bank, it is not immediately known in which divisions the laid off employees were engaged in.