Deutsche Bank plans to more than triple its Irish workforce over the next three years to exceed 1,000 employees.
Bloomberg News reports that the bank will hire 700 people after signing a lease on 100,000 square feet (9,290 square meters) of office space in Dublin, Nelius De Groot, global head of financial institutions and securities sales in the transaction-banking division, said in an interview in the Irish capital Friday. The jobs will be in global technology, operations and transaction banking, he said.
Deutsche Bank’s overhaul of its information technology systems, as well as job cuts, are at the center of its plan to reduce costs by $6bn annually by 2015. As part of that effort, the Frankfurt-based bank is expanding in lower-cost locations by hiring and by moving support staff from hubs in London, Singapore and New York.
In the meantime, Bloomberg also reports that Deutsche Bank has defeated a bid by the wife of the late media tycoon Leo Kirch to void the lender’s 2011 accounts in the latest round of a decade-long legal fight against the bank.
The Frankfurt Higher Regional Court rejected Kirch’s arguments that Europe’s biggest investment bank by revenue should have made provisions in 2011 for a claim by Kirch’s heirs in a Munich tribunal.
Ruth Kirch 'didn’t sufficiently show that from the bank’s point of view there was a predominant probability that the damage claim was founded', the judges wrote.