Deutsche Bank AG, which several years ago moved staff out of New York to cheaper US cities, is now shifting some of those those jobs to India.
Germany’s largest lender is relocating around 60 accounting positions to Mumbai from Jacksonville, Florida, in a bid to reduce expenses, Bloomberg reported on Friday, citing anonymous sources. This move is part of a larger shift in which the bank intends to outsource more jobs from the US to India later this year.
Big banks broadly have been moving workers from high-cost locales like New York to places like Jacksonville and Salt Lake City for years. For instance, Goldman Sachs is moving dozens of compliance jobs out of New York City to cheaper places like Salt Lake City, Business Insider previously reported.
But Deutsche Bank is taking this a step further, by moving some back-office staff out of the US entirely.
2018 was rough for Deutsche Bank.
The bank has been dogged by high levels of executive turnover and legal fines and a few months ago, prosecutors raided the lender’s offices in Frankfurt. The raids were said to have included the offices of its board members, suggesting that the investigation linked to the bank’s role in the “Panama Papers” money-laundering scandal is spreading. The news caused Deutsche Bank shares to fall to a record low.
Anticipating a year of unease ahead, the bank’s executives have pledged to keep a lid on costs, Reuters reported. The lender has set the costs to 22 billion euros in 2019.
Deutsche Bank is also set to relocate its North American headquarters to NYC’s Midtown from Wall Street after a 16-month search.
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