Deutsche Bank to expand Irish workforce

German banking giant Deutsche Bank is to add nearly 200 jobs to its Irish-based workforce over the next six months.

The global investment, commercial and retail banking group yesterday officially opened a new ‘data lab’ in Dublin.

Formally known as ‘The Hive’ — which will be a global centre of excellence employing data science, visualisation, analytics, and technology specialists — it is already operational and houses a staff of 70.

An additional 40 staff will boost the lab’s workforce to 110 by the end of the first quarter of next year.

Deutsche selected Dublin as its location on account of the capital’s position as an established financial services centre for data analytics and technology and said the new lab will complement its existing infrastructure activities in the city.

According to Deutsche Bank group chief operating officer Kim Hammonds, the lab will also “generate insights” enabling the bank to better understand and serve its clients.

“It will also enhance our ability to comply with regulatory requirements, further strengthen controls and reduce costs,” she added.

IDA chief Martin Shanahan said Deutsche’s choice of location for its new data lab represents “a great endorsement” of the technology talent and expertise available here.

“A key part of IDA Ireland’s international financial services strategy is to attract more investment in the fintech [financial technology] space,” said Mr Shanahan.

“Dublin’s track record in international financial services and technology cluster creates a business environment for companies to develop and implement their innovation strategies. IDA is determined to win more investment for Ireland in this area.”

Deutsche also plans to create a further 125 technology and operations roles in its Dublin operations — again over the course of the next six months — that will enhance its global markets and corporate/investment banking divisions.

The two job announcements, combined, will expand Deutsche Bank’s Irish-based workforce to well over 800 by the end of next March.

Jobs Minister Mary Mitchell-O’Connor called the new investment “a great vote of confidence in Ireland” and its attractiveness as a financial services hub.

“The new data lab builds on the bank’s strong investment and job creation here over recent years and the provision of an additional 165 quality jobs is very welcome indeed,” she said.

“The Government has been making strenuous efforts to ensure that we have the right conditions in place in Ireland to continue job creation across the country.”