The German bank will hire around 800 new university graduates in its branches worldwide by the end of this year, which is almost a record in its history and up 25% from 2017. The bank is bringing more corporate finance than sales and trading analysts.
The initiative comes as Deutsche registered a higher-than-expected profit for the second quarter of the fiscal year under new CEO Christian Sewing. This is great news considering that the bank has been battling bad news for months.
Deutsche’s investors are pleasantly surprised with the news. Many of the bank’s key traders have left in the last several months against the backdrop of plans to cut up to 7,000 jobs at the bank by the end of 2019.
Over a quarter of the bank’s incoming class is comprised of bankers, while traders make up 16%, providing a clear view of how the bank’s strategy is developing. The institution’s revenue from bond and stock trading dropped by 15% for the second quarter, compared to big gains from US banks.
The bank welcomed 619 new graduates last year. This year, there will be a total of 774 new staff. Deutsche hired 813 new people in 2016, which was the record year in this respect. This year’s newcomers count 177 in technology, 211 in corporate finance, and 128 hires in global markets. Technology hires dropped from 30% last year to 23% this year. 5% more women are being hired than last year.
