Deutsche Bank Seeks to Boost Hiring as War for Talent Rages

(Bloomberg) --

Deutsche Bank AG Chief Financial Officer James von Moltke said the investment bank is pressing ahead with hiring in areas including mergers and acquisitions and rates in the U.S. to grow its business.

The firm has also been selectively hiring for government bond trading in Europe as well as in technology and healthcare dealmaking, Von Moltke said on a conference call with reporters on Wednesday. 

Deutsche Bank is considering rebuilding parts of its investment bank which were cut during a large restructuring by Chief Executive Officer Christian Sewing in 2018. The investment bank is particularly reliant on the fixed-income trading business, which saw a slowdown in the third quarter as market volatility returned to more usual levels. Complicating the lender’s hiring plans is one of the most competitive markets for bankers in recent years as dealmaking booms.

“It’s a war for talent as it has been in other cycles before,” Von Moltke said in a separate Bloomberg Television interview. “We’re finding that we’re competitive in that war for talent. We aim to pay competitively.”

U.S. firms and rivals such as Barclays Plc have indicated that they expect higher bonuses this year amid the boom. That’s the same at the German lender, where expectations within the investment bank are high and top management is aware they’ll need to pay to keep up the momentum, according to a person with knowledge of the matter.

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