| Deutsche Bank to grow Irish employment to over 1,000, with 700 new jobs |
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| Deutsche Bank is to create upwards of 700 new jobs in the biggest international banking sector expansion seen in over five years, bringing its total employment in Ireland to over 1,000. |
The office block, at Pinnacle 2 in EastPoint Business Park, a seven storey new building with 110,000 sq ft (10,200 sq metres) is expected to be the single biggest office letting in Dublin this year, and underscores the importance of the financial services sector to the recovery in the economy, and the Irish property market.
Deutsche currently employs 310 staff in its two current locations in Dublin at DB Service Centre in Abbey Street, with 200 staff employed providing global transactions services operations services and in Harbourmaster Place in the Custom House Docks, where Deutsche International Finance Ireland, Deutsche International Corporate Services (Ireland) is located along with Deutsche Bank AG, which operates on a branch basis of the parent bank offering custody, fiduciary, and trustee services.
The new positions will be created, beginning in 2014, across two of the bank's four pillar business divisions, Global Transaction Banking (GTB), and Group Technology & Operations (GTO).
IDA Ireland said, in an announcement of the project on Friday November 15th that Deutsche Bank is a key client of IDA Ireland's Financial Services Division. Welcoming the expansion, IDA Ireland's largest single project in 2013, Barry O'Leary, chief executive of IDA Ireland said "Deutsche Bank is one of Europe's most dynamic financial institutions and this expansion at Eastpoint will significantly bolster Ireland's financial services sector. Deutsche has successfully built up a strong operation in Ireland over the last 20 years, and these plans to create a new centre of Excellence in Dublin will confirm Dublin's position as a significant European financial hub".
Deutsche International Corporate Services (Ireland)'s activities include the provision of administration services to a range of special purpose vehicles (SPVs), trusts and fund vehicles to facilitate capital markets and structured products transactions.
In May of 2011 Deutsche Bank expanded its hedge fund administration operations in Dublin with the creation of up to 70 jobs by the end of the year.
Mike Hughes co-head, Alternative Fund Services for Deutsche Bank, told Finance Dublin ‘We are building out our hedge fund business in Ireland’.
Michael Whelan, chief country officer for Deutsche Bank in Ireland said at the time that Dublin has been chosen as a ‘centre of excellence’ for Deutsche Bank's hedge fund administration operations with Dublin's leading position as a hedge fund administration centre making it the 'right place' for the operation.
'Dublin has a strong market position in hedge fund administration, it is a part of the IFSC that is still growing and Deutsche Bank want to be a part of that.'
The Frankfurt headquartered bank is the largest foreign exchange trader in the world, and its global banking and investment banking operations employ over 100,000 people out of 3,083 branches in more than 74 countries, of which 68 per cent are in Germany. |
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