Deutsche Bank battles bad news to bring in 25% more new analysts this year | Digital Asia
- REUTERS/Luke MacGregor
- Deutsche Bank is hiring nearly 800 new university graduates globally in 2018, its second highest number ever and 25% more than last year.
- The German lender is bringing more analysts in corporate finance than in sales and trading.
- The hiring comes as Deutsche surprised investors last week with a higher-than-expected profit for the second quarter under new CEO Christian Sewing.
Deutsche Bank, which has been battling bad news for months, is now in hiring mode.
German lender has hired almost 800 new university graduates globally this year, its second highest number ever and 25% more than last year, according to internal figures seen by Business Insider and confirmed by a bank spokesman. The bank held orientation for the class last week.
The hiring comes as Deutsche surprised investors last week with news that it plans to report a higher-than-expected profit for the second quarter under new CEO Christian Sewing. Deutsche has seen key traders leave in the last few months amid plans to cut up to 7,000 jobs at the bank by the end of 2019.
Roughly 27% of Deutsche’s incoming class is made up of bankers, compared to 16% of traders, providing a window into how the bank’s strategy is developing. Deutsche’s revenue from stock and bond trading is down 15% for the second quarter, compared to big gains from US banks.
The bank will welcome 774 graduates this year, compared to 619 last year, according to the figures. In 2016, the bank added 813. This year’s class counts 211 in corporate finance, 177 in technology and 128 hires in global markets. Technology hires account for 23% of the class, down from 30% last year. The percentage of women in the class is 40%, up from 37% last year.