Foreign lender, Deutsche Bank has started following the industry trend and is dismissing employees from its operations in India. However the bank did not unveiled any such news but a senior official connected with the bank revealed that many employees have been asked to quit jobs.
The bank is laying off the staff as a measure of its cost-cutting program. In fact a senior official from the bank informed that this decision was taken to "make minor adjustments in its human resources front".
The lender however remained mum on all the issues concerning the matter. He did not even disclose its current employee strength. According to the RBI data, the bank had 3,500 employees on March 2008. This figure had been increased from 2,250 in March 2007 and 678 in March 2006. Deutsche Bank has 11 offices in India and it supposed to turn off employees across all the branches. Besides there are also news that it is laying off staff at its Singapore operations.
This move by the German bank looks strange because it has recently injected a fresh dose of capital worth Rs 325 crore into its operations in India.
Earlier HSBC India had also unwaged employees from its broking house, Investsmart. It had also followed this as a practice of cost-cutting.