German multinational investment bank and financial services company headquartered in Frankfurt, Deutsche Bank, has announced to expand its technology centres across India by hiring 1,000 employees this year. The company is looking to enhance its in-house engineering capabilities.
According to the company, out of the 1,000, it has already hired over 300 graduates from top engineering institutes in the country. These recruits are likely to join the bank in July. The remaining would be hired in due course.
As per the new bank module for the fresh engineering recruits, the tech graduates first undergo two six-month job rotations and participate in the one-year global continuous development programme, after which they receive their final placements.
The graduates while on training are made to learn about various aspects of the company's tech development. “Our software engineers in India are working on the bank's top 50 programmes and 60% of our people are focused on engineering. Some of the platforms that we support in India include those for big data and analytics, the data lake platform, and the HR, credit risk and market risk platforms,” Ash Malik, head of India technology centres in Deutsche Bank said.
The bank has hired fresh talent from the IITs, NITs, BITS Pilani, and other close to 40 campuses this year. The graduate programme started in India in 2017 with 57 graduates and went up to 150 in the subsequent three years. Deutsche Bank currently has around 4,000 employees between its Bengaluru and Pune tech centres.
The India tech team has contributed to developing big data and high-performance computing architectures to simulate methodology for value at risk (VAR), an important market risk measure, which sees the bank's portfolios being repriced daily using historical simulations over a given period.
The covid-19 pandemic outbreak has also accelerated the use of digital signatures across all stakeholder groups including the bank's clients, vendor partners and suppliers for documents and contracts. The teams in India ensure that digital signatures are adopted and integrated into business processes and workflows.
Last year, Deutsche said it's committed to spending a total of 13 billion euros on IT from 2019 to 2022 to accelerate its shift into newer digital models. In the same year, Deutsche Bank and Google Cloud entered into a strategic, multi-year partnership to accelerate the bank's transition to the cloud and co-innovate new products and services.
“Everybody will be put through training on Google Cloud including the leadership teams in India. We will peak somewhere around 2023 when we will have a large-scale migration to the cloud. We are building a pool of cloud-ready talent to navigate a hybrid cloud environment,” Malik said.