GLOBAL - Deutsche Bank AG, Germany's largest bank, is outsourcing parts of its pensions advisory business to India, according to Bloomberg.
The newswire cited a recruitment e-mail from Indian human resources firm Ma Foi Management Consultants stating that jobs on offer include advising insurers and pension funds on multi-asset investment.
Also, creating hedging strategies for the bank's energy customers and inventing borrowing strategies for Latin American clients is mentioned, stating that the teams "will be front office teams acting as virtual extensions of the trading desks in London, New York, Singapore".
Deutsche Bank declined to comment and no-one at Ma Foi was available for comment.
However, the bank is not new to operations in India: earlier this month's Deutsche's retail business celebrated its first anniversary and on its website the bank boasts about "being among India's leading foreign exchange & derivatives dealers" in global markets.
In March reports appeared that Deutsche bank plans to move almost half of the back office jobs in its sales and trading operations to centres in India by the end of next year.
Mark Ferron, chief operating officer of the bank's global markets business, told reporters at the time that the move is part of wider reorganisation to boost revenues and cut costs.