Deutsche hires in Birmingham as it cuts back in expensive City

Tim Wallace
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GERMANY’S Deutsche Bank has hired up to 50 new front office staff in Birmingham as the firm’s efficiency drive forces it to look at less expensive operations centres than London.

The fixed income and equity sales workers will focus on serving smaller clients – those which it may not have been cost effective to serve from the City, where office space and salary costs are higher.

The 50 posts in Birmingham are likely to be expanded in the coming months, while a similar process is underway in the US, with staff being taken on in Jacksonville, rather than the more expensive financial centre New York.

The bank is undertaking a €4.5bn (£3.64bn) savings programme, which includes London job losses.