Deutsche Bank US Chief Says Employees Could Be Shifted To Smaller Hubs In Next Five Years

(RTTNews) - German banking major Deutsche Bank AG (DB) could move as much as half of its 4,600 Manhattan staff to smaller hubs across the U.S. in the next five years, the head of its Americas business told the Financial Times.

"The New York headcount could "conceivably" be cut in half within five years, depending on the evolution of "smaller hubs and pockets", said Christiana Riley, chief executive for Deutsche in the Americas.

"It [the pandemic] has taught us a tonne," said Christiana Riley, chief executive for Deutsche in the Americas. The fact that many staff had been successfully working from home for the past nine months had neutralised what were previously "bitter fights" over whether jobs could be sent to lower-cost centres.

The report said that Riley expected banks to concentrate people mostly in lower-cost areas of U.S., rather than embracing the "work from anywhere" model offered by some technology companies.

Deutsche's US workforce already includes about 2,000 staff in areas such as human resources, compliance and risk in Jacksonville, Florida, as well as 600 in a technology centre in Cary, North Carolina.