Deutsche Bank outsourcing Jacksonville to Mumbai

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(Bloomberg) – Deutsche Bank AG was at the forefront when Wall Street began "repatriating" staff to cheaper US cities. At present, the German lender is transferring some of these jobs to India.

The bank delegates about 60 accounting positions in Mumbai from its Jacksonville, Florida campus, while it's looking to cut costs, said people familiar with the matter. That's part of a bigger change, as management plans to move more jobs from the United States to India this year, said one of the interviewees.

"We regularly review our footprint and look for ways to increase operational efficiencies in order to improve the customer experience and improve shareholder return," said the door. from Deutsche Bank, Kerrie McHugh, in an e-mail. "Our presence in Jacksonville is an essential part of our regional presence in the Americas and we value our operations in Jacksonville."

The big banks have moved workers from New York to cities like Jacksonville and Salt Lake City, where offices are cheaper and employees generally earn less, but have a lower cost of living. Pressures to go further are pressing at Deutsche Bank, where CEO Christian Sewing is scaling back his operations in the US and refining his business after years of scandals and poor results.

In May, the bank announced to employees that it was closing its Houston office and that its head office in New York was moving from Wall Street to Midtown, reducing its presence in the city by 30%. In July, informed people said that Deutsche Bank would also remove dozens of employees in Chicago.

To contact the reporters on this story: Lily Katz in New York at lkatz31@bloomberg.net; Anto Antony in Mumbai at aantony1@bloomberg.net

To contact the editors responsible for this story: Debarati Roy at droy5@bloomberg.net, Philip Lagerkranser, Katrina Nicholas

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