German-based multinational investment firm, Deutsche Bank’s tech centres in India are recruiting 1,000 employees this year. This hiring process is initiated to expand its in-house engineering capabilities. Out of the 1,000, it has already hired more than 300 graduates from top engineering institutes in the country. They would be joining the bank in July. However, the remaining would be lateral hires.
Tech graduates would undergo two six-month job rotations and participate in the one-year global continuous development program, post which they would receive their final placements. The graduates hone their skills as full-stack developers that provide them a broad understanding of various aspects of tech development.
Ash Malik, head of India technology centres in Deutsche Bank says, “Our software engineers in India are working on the bank’s top 50 programs and 60 percent 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.”
The bank has been hiring from the IITs, NITs, BITS Pilani, and has visited close to 40 campuses this year. The graduate program 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 accelarate methodology for value at risk (VAR), an important market risk measure, which sees the bank’s portfolios being reprised daily using historical simulations over a given period. Covid-19 also accelerated the use of digital signatures across all stakeholder groups including the bank's clients, vendor partners and suppliers for documents and contracts.
Last year, Deutsche Bank said its 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.
Malik further adds, “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.”