Deutsche Bank on the drive in Dublin




The German lender, which has seen its shares plunge close to 40% so far this year and is battling a long list of regulatory troubles, said in a release on September 9 that the launch of the new data lab, called The Hive, is part of its plan to simplify the technology it uses.

Kim Hammonds, group chief operating officer for Deutsche Bank, said: “It will also enhance our ability to comply with regulatory requirements, further strengthen controls and reduce costs.”

The technology and operations jobs will support the bank’s global markets and corporate and investment banking divisions, according to the release.

Once an ambitious powerhouse, Deutsche Bank in the second quarter saw its profit dive 98%, to €20 million or around $ 200 per employee.

A Deutsche Bank spokesman declined to comment on the record whether the decision had been made independently of Britain’s June vote to leave the European Union.

Deutsche Bank employs around 8,000 people in the UK and just over 700 people in Dublin.

• This article also appeared on WSJ City, a made-for-mobile app that combines the best of the Wall Street Journal and Financial News, tailored for an audience in the City of London. Download here

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