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Deutsche Bank outsourcing 60 accounting jobs from US to Mumbai to trim cost

In July, people briefed on the matter said the Deutsche Bank would also cut dozens of employees in Chicago

Lily Katz & Anto Antony | Bloomberg 

Deutsche Bank Photo: Reuters
Deutsche Bank. Photo: Reuters

AG was at the forefront as Wall Street began “nearshoring” staff to cheaper cities across the US Now, the German lender is moving some of those jobs to India.

The is offshoring about 60 accounting positions to from its campus in Jacksonville, Florida, as it seeks to trim costs, people with knowledge of the matter said. It’s part of a larger shift, with management intending to move more jobs from the U.S. to India this year, one of the people said, asking not to be identified because the plans are private.

“We regularly review our footprint and look for ways to raise operational efficiencies that enhance client experience and improve shareholder returns,” spokeswoman said in an email. “Our presence in is an essential part of our regional footprint in the Americas, and we place great value in our operations.”

Big banks have been shifting workers from to places like and Salt Lake City, where offices are cheaper and employees typically earn less, but enjoy a lower cost of living. The pressure to go further is acute at Deutsche Bank, where Chief Executive Officer Christian Sewing is shrinking U.S. operations and making the firm leaner after years of scandals and lackluster performance.

In May, the bank told staff it was closing its Houston office and moving its headquarters from Wall Street to Midtown, slashing its footprint in the city by 30 percent. In July, people briefed on the matter said the would also cut dozens of employees in

First Published: Fri, January 11 2019. 12:34 IST