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Bloomberg
Deutsche Bank AG plans to start rebuilding its South African workforce just months after scaling back staff and cutting costs as part of a global restructuring.
“The hiring we’re currently pursuing is geared towards enhancing the areas where we have global and local strengths, such as fixed income,†South Africa Chief Executive Officer Muneer Ismail said in an interview. “In the next two-to-three months we should be back to fighting strength.â€
The bank recently appointed Gregory Scott as the new head of corporate finance coverage in South Africa and plans to hire 26 people for that unit and in others such as fixed income and corporate treasury solutions, Ismail said.
Deutsche Bank’s South Africa turnaround comes after the lender said in June that it would terminate its advisory, corporate-broking and sponsor-services in the country, leading to as many as 50 job cuts. The bank is also rebuilding in the Middle East by hiring executives to help win debt and advisory deals.
Chief Executive Officer Christian Sewing is trying to grow Deutsche Bank’s struggling fixed-income trading unit, which posted seven straight quarters of declining revenue. One way he wants to do that is through selective hiring after cutting 1,135 front-office jobs across the investment banking division last year.