Boost as Deutsche Bank announces 700 new jobs for Dublin
In the biggest jobs announcement of the year, Deutsche Bank trebles Irish workforce
Deutsche Bank is creating 700 jobs at a new office in Dublin.
The German bank, which employs 98,000 people worldwide, has signed a lease on 100,000 square feet of office space in the Eastpoint Business Park in Dublin.
Deutsche Bank already has 330 staff in Ireland across two IFSC-based offices so this will take its Irish total headcount to 1,000 - making it one of the largest employers in the country.
It is the biggest single Irish jobs announcement of the year.
The new jobs are primarily back-office roles in financial services and technology – Deutsche Bank is not setting up a high-street banking operation here.
They will expand on two divisions already operating in Ireland, Global Transaction Banking (GTB) and Group Technology and Operations (GTO). These provide financial services and technological support to commercial banks and corporate clients like Apple.
Neilus De Groot, a senior member of the bank’s management team, said the announcement was a vote of confidence in the Irish economy and workforce. He highlighted that the bank has doubled its headcount since 2009, despite the effects of the recession.
He said the decision to expand so significantly in Ireland was mainly motivated by the availability of skilled labour.
He added that the country's corporation tax was not an influence at all, and that costs were not a critical factor either.
"Dublin is not the cheapest location we operate in, but it's not the most expensive either" said Mr De Groot.
The bank will be looking for all levels of staff to fill the roles, from school-leavers to senior professionals.
In particular it is looking for people with technical experience and multiple languages.
Jobs Minister Richard Bruton said financial services jobs were supported by his department through IDA Ireland.
"This is a sustainable, export-driven industry where Ireland has developed major strengths and we have put in place important changes to target substantial jobs growth in the coming years," he said.
"In the past two years we have seen strong employment growth in this area and major announcements by companies like Northern Trust and Clearstream.
"Today's announcement that Deutsche Bank is creating an additional 700 jobs over the coming years in EastPoint is a huge vote of confidence in the sector and in Ireland's economy and great news for people looking for jobs in this industry."
The jobs boost comes weeks after Danske Bank, formerly National Irish Bank, announced 150 jobs cuts as it pulls all but its corporate services out of the Irish market.
ACC Bank also plans to close all its branches and business centres with the loss of about 180 jobs.
Mr De Groot said he did not perceive a shortage of either skill in Ireland, despite warnings to the contrary from other multinational chief executives like PayPal's Louise Phelan.
"The availability of technical skills has really improved. There has clearly been a swing back to more practical subjects like maths and technology post-recession, and the bonus points now associated with studying Higher Maths at Leaving Certificate level have helped too. There's a strong pipeline of candidates.
He added that the exit of several retail banks from Ireland this year will provide an extra source of talent as those banks' employees look for new jobs.
Recruitment will begin next year one the new office has been refitted.
The majority of roles will be filled in 2015 and 2016.
IDA Ireland chief executive Barry O'Leary said Deutsche Bank's investment news will be very helpful in encouraging more international banks to consider locating in Ireland.
"A lot of global institutions are now looking to develop centres of excellence in technology and operations" he said. The IDA has set up a team to target 25 of the largest of those.
"The brand recognition associated with Deutsche Bank is fantastic. Irish people might be used to hearing American banking names, but now we have Europe's biggest bank here too."
By Sarah McCabe