Deutsche Bank is expanding its workforce and moving capital into Latin America as it expects the profits in the region to rebound, reported Bloomberg.
The move is in contrast to the bank’s policy that saw the withdrawal of its operations from the region since 2015.
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In September this year, the bank transferred $105m to Mexico. Last year, the German bank also expanded its capital in Brazil by equal amount, added the publication.
In an interview with Bloomberg, Deutsche Bank head of global emerging markets for Brazil Ricardo Cunha said: “This is going to be our best year in Latin America in terms of revenue for the past six years, and that is just a reflection of investments we’ve made to our global emerging-markets platform.”
The bank has started slashing its headcounts and closing down businesses in some Latin American countries as part of a global overhaul that started in 2015.
However, the group began strengthening its operations in the region recently, with the addition of new staffs in Brazil to look after hedge funds, onshore fixed-income, commodities in addition to currencies and derivatives local trading activities, added Cunha.
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By GlobalDataIn Mexico, Deutsche Bank created a team and set up a branch for its broker-dealer business that it launched again.
Furthermore, the bank added 15 new employees in the last 12 months for its broker-dealer office in Mexico, its Brazil-based bank as well as representative offices in Colombia and Argentina, among others.
The latest report comes close on the heels of Deutsche Bank appointing Esther Wong as the group head for its wealth management operations in Southeast Asia.
