Wednesday 28 September 2016

Deutsche puts its money on Dublin as data lab gives 165 jobs boost

Simon Rowe

Published 11/09/2016 | 02:30

Deutsche Bank chief executive John Cryan met with Finance Minister Michael Noonan last week in his first visit to Ireland since Brexit. Photo: Reuters
Deutsche Bank chief executive John Cryan met with Finance Minister Michael Noonan last week in his first visit to Ireland since Brexit. Photo: Reuters

The June Brexit vote by Britain to leave the EU was not behind the decision by Deutsche Bank to locate its new data lab in Ireland, company sources have said.

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The German banking giant opened a data lab in Dublin on Friday that will create 40 new data jobs and create a further 125 technology roles supporting its global banking divisions.

The data lab, known as The Hive, will employ data science, visualisation, analytics and technology specialists. These staff will apply advanced data tools and techniques to support a range of initiatives across the bank.

Deutsche Bank is modernising and simplifying its technology by insourcing critical technology capabilities, automating processes and using data to tailor its products and services to clients' evolving needs.

Dublin is an established financial services centre for data analytics and technology and The Hive will complement the bank's existing infrastructure activities in the city.

Kim Hammonds, group chief operating officer of Deutsche Bank, said: "This data lab will generate insights that will enable us to understand and serve our clients better.

"It will also enhance our ability to comply with regulatory requirements, further strengthen controls and reduce costs."

Deutsche Bank has had a presence in Ireland since 1991. Globally it employs about 100,000 staff in more than 70 countries.

Deutsche Bank chief executive John Cryan met with Finance Minister Michael Noonan last week in his first visit to Ireland since Brexit.

Both Deutsche and Commerzbank - the two biggest lenders in Europe's largest economy - have been slipping down the rankings of the continent's top banks.

Their combined market value of around €26bn is less than half of France's BNP Paribas.

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