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Strong growth and a narrower <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> can lead to a <keyword id="20424939" type="General" weightage="20" keywordseo="sovereign-rating" source="keywords">sovereign rating</keyword> upgrade for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, a German brokerage said on Monday. The government's commitments on fiscal deficit to 5.1 per cent in FY25 and further down to 4.5 per cent in FY26 "look more credible now", analysts at <keyword id="19960549" type="General" weightage="20" keywordseo="Deutsche-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Deutsche Bank" meta.hostid="261" meta.entityid="Deutsche Bank">Deutsche Bank</keyword> said, pointing out that the number came in at 5.6 per cent in FY24 as against the budgeted 5.8 per cent. Courtesy the higher than expected dividend announcement by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) at Rs 2.1 lakh crore, the fiscal deficit for FY25 can come down to 5 per cent as against the budgeted 5.1 per cent. On growth, the note said it expects real GDP expansion to come at 6.9 per cent in FY25 and go down further to 6.5 per cent in FY26. "Strong growth, lower fiscal deficit opens up room for ratings upgrade," the note said. "A faster-than-anticipated pace of fiscal consolidation could pave the way for a sooner-rather-than-later sovereign rating upgrade for India," the analysts said. It can be noted that global rating agency <keyword id="20043943" type="General" weightage="20" keywordseo="SP" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P" meta.hostid="261" meta.entityid="S&amp;P">S&amp;P</keyword> had last week revised up the outlook on its sovereign rating for India to "positive" from "stable" earlier. On Friday, official data suggested that the economy grew at a faster clip of 8.2 per cent in the March quarter, which takes the FY24 real <keyword id="19972825" type="General" weightage="100" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> to 7.6 per cent. The note said the Indian economy has exhibited "remarkable resilience" despite higher rates for longer, the Russia-Ukraine war and Covid prior to that, though a strong pickup in real GDP growth during FY24 can be also attributed materially to a very low <keyword id="21922336" type="General" weightage="20" keywordseo="GDP-deflator" source="keywords">GDP deflator</keyword>. It explained that nominal GDP growth slowed to 9.6 per cent in FY24, from 14.2 per cent in FY23 and 19 per cent in FY22. But in real terms, GDP growth accelerated to 8.2 per cent in FY24 from 7 per cent in FY23, thanks to a collapse in the GDP deflator to 1.4 per cent in FY24 from 7.6 per cent year-on-year in FY23 and 9.4 per cent in FY22. Deutsche Bank also advised caution on reading the headline GDP numbers, pointing out that while the real GDP grew 8.2 per cent, real GVA (gross value added) growth was 1 percentage point lower at 7.2 per cent.

Strong growth, lower fiscal deficit may lead to India rating upgrade: Deutsche Bank

<ul class="summary-list"><li>China's rapid economic growth in recent decades has restored its global GDP share to historical norms, per a Deutsche Bank report.</li><li>The report highlights how shifts in global economic power, such as China's rise, often lead to geopolitical tensions.</li></ul>China's growing <a target="_blank" href="https://www.theatlantic.com/international/archive/2015/09/south-china-sea-assertiveness/407203/">assertiveness</a> has rattled neighbors and contributed to geopolitical tensions, but history shows this isn't new, a Deutsche Bank report released this week shows."World economic power shifts over time. The relative growth and decline of countries/empires often lead to global tensions," wrote Jim Reid, a research strategist at Deutsche Bank.Reid added that while China has been growing rapidly in recent decades, "that growth is just restoring it closer to its place for much of economic history. More tellingly, Reid wrote, it's a position that China "feels is the historical norm."The chart below from Deutsche Bank shows how much various global economies have contributed to the world's GDP throughout history.While India and China were major players early on, the US was late to the game because it's a relatively new country. America rapidly became a major power around the late 1800s, while India and China's share of global GDP fell way down.<div type="image" title="Global GDP shares through history in terms of purchasing power parity." height="451" width="1111" msid="108490557" hostid="261" sizebytes="24994"></div><a target="_blank" href="https://www.businessinsider.com/china-overtakes-us-as-worlds-largest-economy-2014-10">China's GDP</a> rapidly caught up with the US around the Global Financial Crisis, or GFC. China was on track to overtake America by late 2020 but <a target="_blank" href="https://www.businessinsider.com/china-worlds-largest-economy-slowdown-growth-property-crisis-bloomberg-economics-2023-9">was derailed</a> by a flailing post-pandemic recovery — a contrast to <a target="_blank" href="https://www.businessinsider.com/recession-outlook-economy-gdp-fourth-quarter-of-2023-2024-1">robust growth</a> in the US."The rapid post-GFC catch-up had been at the epicenter of the deteriorating US-China relationship and their relative performance going forward will likely continue to define it," Reid wrote.The strategist doesn't have a conclusion about what's to come for world history, but Reid wrote in the report that tensions between a rising power and a ruling one have mostly ended in wars.A global conflict now would hit the world economy hard."The world has never been as connected, meaning the economic costs of global conflict would be higher than in the past," Reid wrote in a separate note on the report."Perhaps the overall budget constraints of today's world will encourage stretched governments to think twice about entering into expensive conflicts," he added.Business Insider was not able to reach Reid for additional comment.

China's explosive growth over the past few decades is actually just a return to its historical norm, says Deutsche Bank 

<ul><li>The German banking giant, <keyword id="6357341" type="ORGANIZATION" weightage="20" keywordseo="deutsche-bank">Deutsche Bank</keyword>, has plans to onboard up to 1,000 employees this year.</li><li>Dilipkumar Khandelwal — Deutsche Bank’s global chief information officer (CIO) of Corporate Functions Technology — revealed that the bank is looking for employees willing to learn rather than just the right set of skills, in an exclusive interview with Business Insider India.</li><li>The aim of this hiring drive is to build competencies in-house in India so that the need for outsourcing is drummed down.</li></ul>Deutsche Bank plans to hire up to 1,000 new employees this year in India at its technology centres, as it looks to double down on digitisation. The company is looking for people who have the ability to be flexible as technology changes rather than specific digital skills. This includes around 300 freshers and 700 lateral hires. That being said, the focus is on cloud technology, simplifying the tech stack — which is the back end processes for loans, account opening and other functions — competence in <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">artificial intelligence</keyword> (AI) and <keyword id="294572" type="TECHNOLOGY" weightage="20" keywordseo="machine-learning">machine learning</keyword> (ML). “In line with our strategy of internalising our technology talent and growing our engineering capabilities in house, we are expecting to hire up to 1,000 employees at our India technology centres this year,” Dilipkumar Khandelwal, global chief information officer (CIO) of Corporate Functions Technology at Deutsche Bank told Business Insider India in an exclusive interview. It is about more than just hiring the right talent Like most big corporations, Deutsche Bank hires from the best campuses in India like the Indian Institutes of Technology (IITs). According to Khandelwal, the bank is looking at at least 25 to 35 different colleges across the country. And, there’s no dearth of talent. “The challenge almost comes in when you want to build those core capabilities, your existing organisation plus what you’re hiring has the right set of functional and technical depth that you require,” explained the Indian School of Business alumnus. Core capabilities include moving the background code that a bank needs to run its applications to the cloud, specifically Google’s public cloud, and reducing dependencies. This means faster upgrades and roll-out of new services in the future. “We’re looking at not just hiring people but also increasing the maturity of the people in terms of the skills they need to acquire,” Khandelwal told Business Insider India. This could mean upskilling or reskilling with the aim to have talent in-house. The need for outsourcing should come down. Maturity means the capability of learning new skills and building on them to further develop technology ahead of the curve. “The overall maturity has to go up. Otherwise, you’ll always have a tendency of work getting outsourced and not having the right capabilities and decision-making powers in the right locations,” explained the man who has been with Deutsche Bank for a little over a year. COVID-19 pandemic presented a unique challenge where most people were hired virtually. Going forward, this will only change if the pandemic numbers are low enough to make coming to the office a reality again. “At some point of time, you need to think about how you integrate them with the larger workforce and how do you get them to integrate them to be a part of the organisation’s culture,” said Khandelwal. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/discounts-have-dropped-lower-on-the-customer-priority-list-say-indian-online-retailers/articleshow/81145830.cmshttps://www.businessinsider.in/business/ecommerce/news/discounts-have-dropped-lower-on-the-customer-priority-list-say-indian-online-retailers/articleshow/81145830.cms">Discounts have dropped lower on the customer’s priority list, say Indian e-tailers</a> <a href="https://www.businessinsider.in/finance/news/heres-how-to-avail-gst-credit-if-your-supplier-has-not-uploaded-invoices/articleshow/81145678.cms">Here’s how to avail GST credit if your supplier has not uploaded invoices</a>

INTERVIEW: Deutsche Bank plans to hire 1,000 employees in India as it looks to build core technologies in-house

<ul class="summary-list"><li>Raymond Ko had a tumultuous career journey as an equity trader — he was laid off three times. </li><li>After being laid off from Deutsche Bank for the second time in three years, he left finance. </li></ul>This as-told-to essay is based on a transcribed conversation with Raymond Ko, a free-diving instructor in Taiwan, about leaving a career in finance behind. The following has been edited for length and clarity.I've been laid off three times in my career and fired once, but being laid off by Deutsche Bank changed my life for the better. I'm no longer monetarily rich, but I've found true wealth underwater and am immensely grateful for my free-diving journey.It's been a roller coaster of a work-life adventure.When I was fired in 2009 from my position as a cash-equity sales trader in Taiwan, it was a shock. In 2012, I was laid off from my job as a regional sales trader.I wasn't as surprised when Deutsche Bank laid me off in 2017. I returned to it in 2019, only to get laid off for the third time.<h2>I was fired as a trader in Taiwan </h2>In 1995, I graduated with a degree in economics from the University of California, Berkeley. I then spent a year in Shanghai learning Mandarin. At the time, there was an economic boom in China, so I moved to Hong Kong to pursue a career in investment banking. Between 1997 and 1998, I worked as an investment-research assistant at CLSA — a top investment group in Asia. After a year, I was offered a position in Taiwan as a cash-equity sales trader. I climbed the ranks for about four years and was making $250,000. I couldn't believe how much I was making.I lived in Taiwan for seven years. I got married and had two kids. Even before I was fired, I suffered from anxiety and panic attacks, but I convinced myself I was happy. In 2005, the Taiwanese economy seemed shaky, so I requested a transfer back to Hong Kong and worked for several more years. In 2009, I was fired suddenly from my position as a cash-equity sales trader. It was a shock. I started my career at CLSA and planned to end it there.They called me into a room and told me I was underperforming, which wasn't true. The only other person who got let go was a colleague in Singapore. The experience was brutal and led to depression.<h2>I'd worked for Sanford C. Bernstein for 2 years when I was laid off</h2>I secured another trading job in Hong Kong. Finding another position wasn't hard. Headhunters and brokers began reaching out to me immediately. I was working again within four months of getting fired. I could have started earlier, but I'd worked for over a decade and needed a break. I worked briefly as a regional sales trader at Execution Noble from January 2010 to September 2010 before starting as a regional sales trader at Sanford C. Bernstein in October 2010. Just over two years later, I was laid off. It was just a few weeks before Christmas and one of the scariest times of my life. I was sick to my stomach thinking about the severe financial strain. In 2013, I was incredibly grateful to start working as an equity sales trader at Deutsche Bank in Taiwan. I was earning $255,000 a year at this job. I enjoyed my time there, and my coworkers and boss were interesting and fun. While at Deutsche Bank, I was diagnosed with fibromyalgia, which causes chronic fatigue and extreme body pain. <h2>I was laid off from Deutsche Bank twice in 3 years</h2>I got laid off from Deutsche Bank in February 2017. I wasn't shocked. There was a global culling of directors, and I wasn't the only one laid off. The severance laws in Taiwan are favorable, and I was very pleased with my payout. I dabbled in starting an e-commerce business until April 2018, working for my friend's startup. I was just helping out until a better opportunity came along. During that time, I came across free diving online and was shocked to learn that Taiwan was a free-diving mecca. I signed up for the <a href="https://www.aidainternational.org/Education/AIDAFreedivingCourses" target="_blank" rel="noopener">AIDA2 Freediver</a> course.When I was free diving, I experienced an energy and vibrancy I hadn't felt in a long time. I didn't feel the pain or fatigue I usually got from my fibromyalgia in the ocean. Working full time, I could dive only a few hours a month.I returned to Deutsche Bank in January 2019 on $220,000 a year. I was told I could take over the role of equity head if I did well. I wanted to end my career as the head of equities at Deutsche Bank in Taiwan.<h2>Cultivating my free-diving hobby saved me from being blindsided by layoffs</h2>I trained for a free-diving-instructor certification over the weekends. I planned to teach diving as a fun side hustle. At work, I streamed free-diving videos on one of my many monitors — I dreamed of the ocean constantly. Within six months of my return to Deutsche Bank, it <a href="https://edition.cnn.com/2019/07/08/investing/deutsche-bank-layoffs/index.html" target="_blank" rel="noopener">cut my entire global division</a>, with another generous severance payout. I'd been laid off again, but this time, I wasn't shocked and upset. I had my free diving to fall back on, which was comforting. Less than a month later, I finished my instructor training in Indonesia's Gili Islands. <h2>I took time out to travel before starting my successful free-diving business</h2>Between July 2019 and November 2020, my girlfriend and I were nomadic. We bounced around Chiang Mai, Thailand; India; Hong Kong; Taiwan; and Las Vegas. When the pandemic hit, we headed back to Taiwan.After settling back into life in Xiaoliuqiu, I landed my first free-diving student — a close friend. Slowly, I built my business through word of mouth and online marketing. I started by hosting one three-day course a week, teaching two students at a time. I eventually became a full-time free-diving instructor, teaching four to six days a week.Finding students can be challenging, but I advertise on social media, and many students find me on my website. My target students are white-collar professionals stuck behind a desk. I want to inspire them to get out into the ocean for their mental and physical health. I just turned 50, I make about $2,000 a month, and I'm happier than ever. I'm not rich, but I'm immensely grateful for free diving. It's healed my fibromyalgia. I've been symptom-free for two years, and in that time, I've not suffered any panic attacks.

I got laid off from my $220K job as an equity trader at Deutsche Bank. I'm no longer rich, but I'm happier than ever.

Anshu Jain, the former co-chief executive of Deutsche Bank, <a href="https://www.businessinsider.com/former-boss-of-one-of-europes-biggest-banks-died-2022-8">died on Saturday</a> in the UK after battling a form of stomach cancer. He was 59 years old.Jain is credited with helping build Deutsche Bank's investment-banking and capital-markets business into a global giant.This post first appeared in 10 Things on Wall Street, a newsletter by Insider that brings you all the biggest stories dominating the finance industry — delivered daily to your inbox. Sign up <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street?r=US&amp;IR=T">here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://www.businessinsider.com/former-boss-of-one-of-europes-biggest-banks-died-2022-8"></a>1. Anshu Jain, the former co-chief executive of Deutsche Bank, has passed away. The banker had been suffering from a form of stomach cancer. He outlived his <a href="https://www.businessinsider.com/former-boss-of-one-of-europes-biggest-banks-died-2022-8">predicted life expectancy by four years</a>.Jain, born in India, was co-CEO of the German bank between 2012 and 2015 alongside Jürgen Fitschen. He led Deutsche Bank's global markets division from 2000 and became the investment-banking division head in 2010. He left Deutsche Bank in 2015 and returned to banking in 2017 to become president of US investment bank Cantor Fitzgerald.Jain is largely credited with turning Deutsche Bank into a global firm with deep business ties across Europe, Asia, and the Americas.When he led the investment-banking arm at Deutsche Bank, the unit generated a significant amount of the firm's profits. He commanded one of the largest salaries in global banking.Shareholder scrutiny, however, over weakening profits, increased expenses, pressure from regulators, and clashes with Deutsche Bank's Frankfurt headquarters led him to leave the bank two years before his contract was up.The bank faced heavy scrutiny in 2012 over accusations of manipulating the benchmark London Interbank Offered Rate. In 2015, Deutsche Bank <a href="https://www.wsj.com/articles/deutsche-bank-settles-libor-investigation-with-u-s-u-k-authorities-1429791118">paid a record $2.5 billion penalty</a> to settle US and British allegations that it manipulated rates. And in late 2016, Deutsche Bank agreed to <a href="https://www.wsj.com/articles/deutsche-bank-agrees-to-settlement-over-residential-mortgage-backed-securities-1482458858">a $7.2 billion settlement</a> with the US Justice Department over the sale of mortgage securities in the years leading up to the financial crisis.Despite the scrutiny, Jain's efforts to turn Deutsche Bank into a true competitor in the US are not lost on Wall Streeters.Numerous European lenders have made a play for the US investment-banking market, but "none did it with the zeal of Deutsche Bank" under Edson Mitchell (<a href="https://www.nytimes.com/2000/12/26/business/edson-mitchell-dies-at-47-executive-of-deutsche-bank.html">who died aged 47 in 2000</a>) and Jain, according to <a href="https://www.nytimes.com/2016/12/30/business/dealbook/deutsche-bank-flew-and-fell-some-paid-a-high-price.html">this report</a> from the New York Times' DealBook.In a statement released on Saturday, Deutsche Bank said Jain was "instrumental in building the company's global capital-markets business.""Anshu Jain played a key role in expanding Deutsche Bank's position in our global business with companies and institutional investors," Alexander Wynaendts, chairman of the supervisory board at Deutsche Bank, said in the statement.Jain's banking prowess aside, as an avid cricket player and fan myself, I'm enamored by his ability to shrug off being hit in the head by a "bouncer" on the cricket pitch, as described in <a href="https://www.efinancialcareers.com/news/2022/08/anshu-jain-died">this article about Jain</a> from efinancialcareers. For those of you unaware — <a href="https://www.youtube.com/watch?v=kQ4lsCzKvm8">and curious</a> —getting hit by a "bouncer" is like a ferocious fast-ball pitch to the head during a baseball game.In other news:<a href="https://www.businessinsider.com/citadels-ken-griffins-career-advice-to-a-group-of-interns-2022-8"></a><div type="image" title="Photo of Citadel CEO Ken Griffin" height="1527" width="2035" msid="93574675" hostid="261"></div>2. Citadel's Ken Griffin has some advice for interns: Hustle in your 20s. Interns waited all summer to see the Citadel founder speak at a fireside chat, and he told them not to be shy about <a href="https://www.businessinsider.com/citadels-ken-griffins-career-advice-to-a-group-of-interns-2022-8">asking for a promotion</a>.3. Rich Americans are running short on time to take advantage of Trump-era tax cuts. The down market enables the rich to save on estate taxes by gifting their depressed assets, but rate hikes are eating into gains at popular trusts that are <a href="https://www.businessinsider.com/how-rich-americans-give-away-millions-children-dodge-estate-taxes-2022-8">used to transfer wealth</a>.4. Ken Griffin, Larry Ellison, Marc Andreessen, Morgan Stanley, and Sequoia Capital have all been roped into the Twitter v. Elon Musk debacle. Here's all the banks, billionaires, and venture capitalists sucked into the battle over whether Musk will have to buy the social-media platform, according to <a href="https://www.bloomberg.com/news/articles/2022-08-11/all-the-banks-billionaires-and-vcs-sucked-into-twitter-v-musk?cmpid=BBBXT081222_DEALS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220812&amp;utm_campaign=deals&amp;sref=ipW5reFz">Bloomberg</a>.5. Carlyle has started the search for its next leader after Chief Executive Kewsong Lee departed last week, Bloomberg reported. The investment firm has hired Russell Reynolds Associates to do the search, and could bring in an outsider <a href="https://www.bloomberg.com/news/articles/2022-08-12/here-s-who-wall-street-is-betting-could-be-carlyle-s-next-ceo?sref=ipW5reFz">to replace Lee</a>.6. Steve Cohen is quietly setting up a crypto-only asset manager, according to Blockworks. The move builds upon the Cohen-founded Point72 Asset Management's forays into <a href="https://blockworks.co/steve-cohen-building-out-crypto-investment-firm/">crypto derivatives</a>.7. Biotech venture capitalists are prioritizing revenue-generating companies over cool ideas. It's a U-turn from when VCs were willing to take chances on unproven companies. Now, they're turning to biotechs that are selling services <a href="https://www.businessinsider.com/vcs-favor-revenue-making-biotech-startups-during-downturn-2022-8">to other companies</a>.8. LinkedIn is laying off its global events marketing team as part of a broader company restructuring. The layoffs come on the heels of cuts at companies like Oracle, Hootsuite, and Rivian. <a href="https://www.businessinsider.com/layoffs-hit-linkedin-which-eliminated-global-events-marketing-team-2022-8?r=US&amp;IR=T">Here's the latest.</a>9. JPMorgan Chief Executive Jamie Dimon said US natural gas production does not conflict with the reduction of greenhouse gas emissions. On a call with wealthy clients, Dimon said "why can't we get it through <a href="https://www.businessinsider.com/jpmorgan-jamie-dimon-oil-gas-production-not-against-climate-change-2022-8">our thick skulls."</a>10. Serena Williams is quitting tennis and becoming a full-time venture capitalist. Williams — who will retire from professional tennis after this month's US Open —launched Serena Ventures in 2014 and has invested in over 60 companies. The firm announced that it had raised an inaugural fund of <a href="https://www.businessinsider.com/grand-slam-tennis-champion-serena-williams-is-turning-to-venture-capital-2022-8">$111 million in March</a>.Done deal:<ul><li>Stoa USA closed its second $100 million securitization of loans that will be used to grow its house-flipping platform, FlipOS. The property-tech company had its loans underwritten by Cantor Fitzgerald.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Deutsche Bank's former co-chief executive Anshu Jain played a big role in turning the German lender into a global investment bank

<ul><li>German multinational <keyword id="6357341" type="ORGANIZATION" weightage="20" keywordseo="deutsche-bank">Deutsche Bank</keyword> is considering laying off 18,000 employees globally over the next three years. </li><li>This will reduce the bank's workforce to 74,000. </li><li>The investment bank is planning to shut down its equity business to overcome the $3.1 billion loss.</li></ul>In a bid to turn its banking division more profitable, German multinational Deutsche Bank is considering laying off 18,000 employees in the next three years. This will slash its workforce to 74,000, Mint <a href="https://www.livemint.com/news/world/deutsche-bank-to-slash-18-000-jobs-in-sweeping-restructuring-1562526055816.html">reported</a> citing company officials. Investors cheered the decision as Deutsche Bank shares rose 2.5% on Friday after the announcement. “Today we have announced the most fundamental transformation of Deutsche Bank in decades. We are tackling what is necessary to unleash our true potential,” Christian Sewing, Chief Executive Officer <a href="https://economictimes.indiatimes.com/news/international/business/deutsche-bank-slashes-18000-jobs-in-8-3-billion-overhaul/articleshow/70121953.cms">told </a>ET. These latest job cuts will account for one-fifth of the company’s workforce. While it yet unknown where these jobs will be retrenched, the bank is planning to shut its equity business to overcome the $3.1 billion loss in the second quarter. This came after failure in the bank’s merger with Commerzbank. The investment bank’s London unit staffs nearly 8,000 employees, making it a feasible stock operation unit. The bank will also spend nearly 4 billion euros by 2022 to revamp the business, and improve its finances. It will now focus on steady and revenue-generating business areas. Last year, it has already slashed 6,000 jobs. The German bank has been facing troubles for the last three years, as heavy penalties took a bite off its profits. The mounting fines it had to pay up has eroded its value too as share prices took a beating. In 2017, the bank paid $7.2 billion to the Justice Department for stock trading with the people having unsteady credit. The last few years have brought any good news for banking professionals across the world. As many as 32,000 jobs were cut last year in the financial services and banking sector, <a href="https://www.moneycontrol.com/news/world/deutsche-bank-says-to-slash-18000-jobs-by-2022-4179821.html">according to</a> Barkow Consulting. See also: <a href="https://www.businessinsider.in/mukesh-ambani-led-reliance-jio-cuts-contractual-staff/articleshow/69576896.cms">India’s telecom giant Reliance Jio cuts contractual staff</a> <a href="https://www.businessinsider.in/samsung-xiaomi-huawei-battle-results-in-1000-workers-fired/articleshow/70037544.cms">Samsung is firing 1,000 employees in India as cheaper Chinese smartphones squeeze profits</a>

Deutsche Bank will cut 18,000 jobs as it shuts down most of Asia's loss-making equities business

<keyword id="471314" type="COMPANY" weightage="20" keywordseo="National-Securities-Depository-Limited">National Securities Depository Limited</keyword> (NSDL) can be explained as a financial body set up to hold securities like bonds and shares in the form of physical or non-physical certificates. We can say they are maintained in a dematerialized format. All the securities held in NSDL are safeguarded in depository accounts in the same way funds are managed in the bank accounts. The main objective of NSDL is to It facilitate the quick and prompt transfer of securities in the same way like how ownership is transferred by making entries in physical books. All the processes happen on NSDL are carried out electronically which will eliminate the long route and lengthy time associated with the traditional practice where physical certificates need to be exchanged after completing every trade. The background of NSDL The <keyword id="6357264" type="DEFINITION" weightage="20" keywordseo="capital-market">capital market</keyword> of India is older than a century. However, it has been very active since its beginning. Some of the shortcomings associated with NSDL include delayed execution of transfers and bad delivery due to the fact that settlements were solely based on paperwork. In order to mitigate these downsides, the government passed the Depositories Act, 1996. The said act provided room for the creation of Security Depositories in India for the purpose of managing securities. Securities can be explained as financial assets that can be traded. This means that securities can both be bought and sold on the financial market. These are actually financial instruments that will include equity, fixed income instruments, common stocks, equity warrants and others. The two kinds of security documents include debts and equities. Debt instruments like bank notes, debentures and bonds are similar to money that has been borrowed and therefore have to be repaid. On the other hand, stocks and shares provide the buyers with partial ownership in a given company. About National Security Depository Limited (NSDL) NSDL is in fact the largest and the first ever depository in India that was created on November 8, 1996. The sole purpose of establishing this organization is to manage the securities held in the Indian Capital Market in a dematerialized form. On an average, NSDL opens about 3602 accounts in a day. NSDL has been promoted by the Industrial Development Bank of India (IDBI), National Stock Exchange (NSE) and Unit Trust of India (UTI). The important shareholders of the NSDL include the following entities. <ul><li><keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> Limited </li><li>Citibank </li><li><keyword id="6357341" type="COMPANY" weightage="20" keywordseo="deutsche-bank">Deutsche Bank</keyword> </li><li>HSBC </li><li>State Bank of India (SBI) </li><li>HDFC Bank </li><li><keyword id="6356454" type="COMPANY" weightage="20" keywordseo="Standard-Chartered">Standard Chartered</keyword> Bank </li><li>Dena Bank </li><li>Canara Bank </li><li>Oriental Bank of Commerce </li></ul>Benefits of NSDL NSDL was founded in order to address the issues that arise due to the physical holding of the ownership of securities and the conventional method of transferring them physically through paper work. Some of the overwhelming benefits of NSDL include mitigation of bad deliveries, ruling out of the risks connected to physical certificates, elimination of <keyword id="6391795" type="UNKNOWN" weightage="20" keywordseo="stamp-duty">stamp duty</keyword>, instant transfer and registration of securities, quick settlement and enhanced liquidity, quick disbursal of the non-cash corporate benefits, reduction of a significant amount of paperwork, elimination of brokerage, possibility to get periodical status reports, easy changing of the investor details, easy transmission and easy sale of securities held on behalf of minors.

What is NSDL service?

<ul class="summary-list"><li><keyword id="6357341" type="ORGANIZATION" weightage="60" keywordseo="deutsche-bank">Deutsche Bank</keyword> this week published a somewhat bizarre research note speculating on a series of potentially catastrophic events it says could befall the global <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> in the next decade.</li><li>The bank said in a note Tuesday that there is a 33% chance at least one of four scenarios will occur in the next 10 years.</li><li>These are: A far more deadly pandemic than COVID-19, a volcanic eruption, a solar flare and global war. </li><li>"An important question is what would happen if a much larger, more catastrophic eruption occurred," analysts from the bank asked.</li></ul>COVID-19 has been pretty much the only story in town for global <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> and the world economy in 2020, but Deutsche Bank thinks there is a 33% chance of at least one of four much bigger risks, including a "globally catastrophic" volcanic eruption taking place over the next 10 years. In an unconventional note Tuesday, the German bank said: "We find there is a one-in-three chance that at least one of four major tail risks will occur within the next decade: a major influenza pandemic killing more than 2 million people; a globally catastrophic volcanic eruption; a major solar flare; or a global war."Deutsche Bank said this assumes a:<ul><li>2% annual probability of a flu pandemic killing 2.2 million people.</li><li>0.15% chance of a VEI-7 — the highest level volcanic activity — eruption taking place. </li><li>1.06% chance of a solar flare — which would disrupt global communications.</li><li>0.625% chance of a global war.</li></ul>Below are Deutsche Bank's four possible scenarios, and how they might hurt the global economy:<h2>A bigger pandemic than COVID-19</h2><div type="image" title="FILE PHOTO: A worker wearing a protective suit takes body temperature measurement of a man inside the Shanghai Stock Exchange building, as the country is hit by the coronavirus outbreak, at the Pudong financial district in Shanghai, China February 28, 2020. REUTERS/Aly Song " height="1890" width="3779" msid="76431304" hostid="261"></div>Deutsche Bank noted that while COVID-19 has had an enormous impact, it has still been less disastrous than other major pandemics such as the Spanish flu in 1918, the Black Death in the 14th century, the Plague of Justinian of the sixth century, and a smallpox outbreak in Japan that began in 735. Deutsche Bank said: "Before Covid-19 occurred, Madhav et al. (2017) estimated there was an annual probability of 2 per cent that an influenza pandemic will cause 2.2 million pneumonia and influenza deaths or more globally." "Given that Covid-19 has led to a severe recessions and lockdowns in numerous countries, an even more serious pandemic could be even more catastrophic."<h2>A VEI-7 volcanic eruption would cause major disruption</h2>The German lender said one of the biggest risks to global stability comes from volcanic eruptions. "Consider that the relatively remote Eyjafjallajökull <keyword id="6357324" type="UNKNOWN" weightage="60" keywordseo="Volcano">volcano</keyword> in Iceland shut down nearly all of European airspace in 2010, leading to extensive economic disruption. And further back in 1991, the eruption of Mount Pinatubo in the Philippines was so large it actually led to a reduction in global temperatures over the subsequent two years.""So an important question is what would happen if a much larger, more catastrophic eruption occurred, and how likely is this to happen," Deutsche Bank said. The bank's projections are based on a VEI-7 volcano, the highest level on the Volcanic Explosivity Index, which "would cause major disruption on a global scale."The last time the earth experienced a VEI-7 eruption was in 1815 in Indonesia, when Mount Tambora erupted. That eruption was so devastating that it reduced global temperatures and led 1816 to be dubbed the "Year without a summer."<h2>A gigantic solar flare</h2><div type="image" title="sun" height="512" width="1024" msid="76431310" hostid="261"></div>Deutsche Bank said the the next risk comes "from millions of miles away" — from the sun."A severe solar storm can cause substantial and long-standing damage here on Earth.""A similar event occurring today would be far more disruptive given that modern technology is based on electronics."There could be major power outages as electrical power grids are disrupted, which in turn would have knock-on effects throughout the economy as critical infrastructure is unable to be run properly," the bank noted. <h2>Outbreak of a war or an accident with a nuclear weapon</h2><div type="image" title="India China Narendra Modi Xi Jinping" height="1250" width="2500" msid="76431316" hostid="261"></div>Deutsche Bank said countries are less likely to go to war than they did in previous decades but nonetheless it still sees this as a risk to global stability. The bank said it is "more difficult to place a probability on the outbreak of war" as it includes human calculations. "However, if we made the conservative assumption that the annual probability of a global war is 0.625% (i.e. a 1 in 160 chance each year), then that means there's a 22 per cent chance that one will take place within the next 40 years," Deutsche Bank said. <a href="https://www.businessinsider.com/india-china-border-dispute-conflict-soldiers-killed-himalayas-2020-6">Tensions have flared in recent days between India and China,</a> with some already speculating that the fighting on the two countries' Himalayan border could be a catalyst for a major conflict.<h2>Biggest risks possibly beyond this lifetime</h2><div type="image" title="dinosaur asteroid meteor" height="720" width="1440" msid="76431322" hostid="261"></div>Deutsche Bank's research went beyond the decade and possibly even this life-time through a set of extreme "possibilities we're unlikely to see in our lifetimes." "One possible extreme tail risk is a VEI-8 volcanic eruption, which would be much more severe than the VEI-7 cases discussed earlier. One example of this is the eruption of Mount Toba around 75,000 years ago," Deutsche Bank said. The bank said another possibility is an asteroid strike which most notably occured around 66 million years ago and led to the mass extinction of dinosaurs and a host of other life on earth. "While this may seem implausible, smaller instances have happened in recorded history."The bank concludes: "Tail risks that can cause these changes are more common than many realise and it is more likely than not that the coming decades will see another with consequences at least as severe as those caused by COVID-19."

Deutsche Bank says a giant volcanic eruption and another deadly pandemic are among the 'catastrophic' disasters that could devastate the world economy in the next 10 years

Mining mogul Anil Agarwal-led Vedanta Resources Ltd (<keyword id="1432951" type="General" weightage="80" keywordseo="vrl" source="Orion">VRL</keyword>) has repaid USD 250 million in loans that the company took from <keyword id="120129" type="General" weightage="80" keywordseo="barclays-bank" source="Orion">Barclays Bank</keyword> and <keyword id="127691" type="General" weightage="80" keywordseo="standard-chartered-bank" source="Orion">Standard Chartered Bank</keyword>, according to regulatory filings. The company had earlier said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns about its financial position. VRL, the majority owner of Mumbai-listed mining and oil &amp; gas company Vedanta Ltd, repaid USD 150 million borrowed from Barclays Bank. "The earlier disclosure was made pursuant to facility agreement dated June 16, 2022...between Twin Star Holdings (borrower), VRL and <keyword id="16815402" type="General" weightage="80" keywordseo="welter-trading" source="Orion">Welter Trading</keyword> Ltd (as original guarantors), Deutsche Bank AG acting through its Singapore Branch, and Barclays Bank PLC (as original lender), for the purposes of availing facility of an aggregate amount of USD 150,000,000 by the borrower from the original lender," the company said in a filing to BSE. However, the said facility has been repaid and the encumbrance released, it said. The company also repaid USD 100 million borrowed from Standard Chartered Bank. "The earlier disclosure was made pursuant to facility agreement... entered into between Twin Star Holding, VRL and Welter Trading (as original guarantors), Standard Chartered Bank (Singapore) Ltd (as original lender), and Standard Chartered Bank (as arranger and agent), for the purposes of availing a facility of an aggregate amount of USD 100,000,000. However, the said facility has been repaid and the encumbrance has been released," another regulatory filing said. Last month, VRL had said it is in the advanced stage of finalisation to tie up USD 1.75 billion through a combination of syndicate loan and bilateral bank facilities. The company had said it has pre-paid all its debt that was due for repayment till March 2023, deleveraging by USD 2 billion in the past 11 months. Further, it is confident of meeting its liquidity requirements for the quarter ending June 2023. Headquartered in London, VRL is a diversified global natural resources company spanning across India, Zambia, Namibia and South Africa. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vedanta-appoints-omar-davis-as-its-president-strategy/articleshow/98690407.cms">Vedanta appoints Omar Davis as its President-Strategy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/about-7-in-10-investors-unable-to-generate-even-benchmark-index-returns-says-samco-nielsen-survey/articleshow/98695748.cms">About 7 in 10 investors unable to generate even benchmark index returns, says Samco-Nielsen survey</a>

Vedanta Resources repays USD 250 million in loans

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Sean Gallup/Getty Images</div></div></div><ul class="summary-list"><li>Deutsche Bank AG is offshoring around 60 accounting jobs out of Florida to India, Bloomberg reported on Friday, citing sources. </li><li>The move comes as part of a larger shift by the struggling German lender to move back-office staff members to lower-cost countries.</li></ul>Deutsche Bank AG, which several years ago moved staff out of New York to cheaper US cities, is now shifting some of those those jobs to India.Germany's largest lender is relocating around 60 accounting positions to Mumbai from Jacksonville, Florida, in a bid to reduce expenses, Bloomberg reported on Friday, citing anonymous sources. This move is part of a larger shift in which the bank intends to outsource more jobs from US to India later this year. Big banks broadly have been moving workers from high-cost locales like New York to places like Jacksonville and Salt Lake City for years. For instance, <a href="https://www.businessinsider.com/goldman-sachs-moving-dozens-of-compliance-roles-out-of-new-york-to-salt-lake-2018-8">Goldman Sachs is moving </a><a href="https://www.businessinsider.com/goldman-sachs-moving-dozens-of-compliance-roles-out-of-new-york-to-salt-lake-2018-8">dozens of compliance jobs out of New York City to cheaper places like Salt Lake City, Business Insider previously reported</a>. But Deutsche Bank is taking this a step further, by moving some back-office staff out of the US entirely. 2018 was rough for Deutsche Bank.See also: <a href="https://www.businessinsider.com/deutsche-bank-has-hired-a-new-managing-director-in-credit-trading-2018-12">Deutsche Bank has hired a new managing director in credit trading, one of the bank's top businesses</a>The bank has been dogged by high levels of executive turnover and legal fines and a few months ago, prosecutors <a href="https://www.businessinsider.com/deutsche-bank-sinking-after-another-raid-amid-money-laundering-probe-2018-11">raided the lender's offices</a> in Frankfurt. The raids were said to have included the offices of its board members, suggesting that the investigation<a href="https://www.businessinsider.com/deutsche-bank-offices-raided-by-police-as-part-of-panama-papers-probe-2018-11"> linked to the bank's role in the "Panama Papers" money-laundering </a>scandal is spreading. The news caused Deutsche Bank shares to fall to a record low. Anticipating a year of unease ahead, the bank's executives have pledged to keep a lid on costs, <a href="https://in.reuters.com/article/deutsche-bank-cfo/deutsche-bank-sustainably-cut-costs-in-2018-cfo-says-idINKCN1P51NX">Reuters reported</a>. The lender has set the costs to 22 billion euros in 2019. Deutsche Bank is also set to relocate its North American headquarters to Midtown from Wall Street after a 16-month search.<a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">Sign up here</a> for our weekly newsletter Wall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals.See also:<ul><li><a href="https://www.businessinsider.com/wall-street-feeds-on-silicon-valley-to-fill-voracious-tech-appetite-2019-1">Wall Streeters fled to Silicon Valley to chase riches, influence, and a better life. Now they're bouncing back to banking.</a></li><li><a href="https://www.businessinsider.com/morgan-stanley-cutting-dozens-of-jobs-across-sales-and-trading-2019-1">Morgan Stanley is cutting dozens of jobs across sales and trading right before year-end bonuses</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/disney-world-expensive-middle-class-2018-12">Disney World is getting so expensive that it's pricing out the middle class</a></h3> <div> </div> </div>

Deutsche Bank is moving jobs from sunny Florida to India to cut costs

Riding on tonnes of freebies since its launch in September last year, <a href="http://www.businessinsider.in/searchresult.cms?query=jio&amp;sortorder=effectivedate">Reliance Jio</a> has gained a significant amount of user base. And now <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> backed telecom firm plans to capture 50% of the market in India by 2020. However, <keyword id="2003276" type="UNKNOWN" weightage="20" keywordseo="Jio">Jio</keyword> hasn’t mentioned about the timeframe for this. 
 
Last quarter, <a href="http://www.businessinsider.in/searchresult.cms?query=jio&amp;sortorder=effectivedate">Bharti Airtel</a>, still the number one player in the sector has achieved a market share of 33.1% followed by <keyword id="6354923" type="COMPANY" weightage="20" keywordseo="Vodafone-India">Vodafone India</keyword> with 23.5%, according to brokerage <keyword id="6358584" type="CITY" weightage="20" keywordseo="HSBC">HSBC</keyword>. <a href="http://www.businessinsider.in/searchresult.cms?query=jio&amp;sortorder=effectivedate">Tata Teleservices</a> (TTSL), <keyword id="6360249" type="COMPANY" weightage="20" keywordseo="Aircel">Aircel</keyword> and <a href="http://www.businessinsider.in/searchresult.cms?query=jio&amp;sortorder=effectivedate">Reliance Communications </a>ended with 6.2%, 5.5% and 4%, respectively. 
 <keyword id="4250127" type="UNKNOWN" weightage="20" keywordseo="deutsche-bank-equity-research-asia">Deutsche Bank Equity Research Asia</keyword>, which attended the first analyst meeting held by Jio, said the telco expects India's mobile market will expand by 50% over five years to $45 billion (Rs 3 lakh crore) versus $29 billion (Rs 1.94 lakh crore) currently, as per a news report by The <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword>. 
 
In its presentation to analysts, Jio said, industry revenue growth is likely to drive government revenue by 50%. <a href="http://www.businessinsider.in/searchresult.cms?query=jio&amp;sortorder=effectivedate">Jio’s targets have been interpreted </a>by analysts as aggressive. Bank of America’s <keyword id="6374847" type="CITY" weightage="20" keywordseo="Merrill-Lynch">Merrill Lynch</keyword> told the ET, "We note that not many telcos in the world are consistently able to increase average revenue per user (ARPU), a key thing which we think Jio is banking on to help it generate strong revenue/EBITDA.” 
 
(Image <a href="http://trak.in/wp-content/uploads/2016/09/Reliance-Jio-SIM-Cards.jpg">Source</a>)

Here’s how Reliance Jio aims to gain 50% market share by
2020

<keyword id="165519" type="PERSON" weightage="100" keywordseo="Gunit-Chadha">Gunit Chadha</keyword>, the CEO of <keyword id="3415250" type="ORGANIZATION" weightage="100" keywordseo="deutsche-bank-asia-pacific">Deutsche Bank Asia Pacific</keyword>, has quit the Germany-based bank after a long stint of 13 years. 
 The message was conveyed to the employees via a short message on the bank's website, in which <keyword id="6357341" type="CITY" weightage="100" keywordseo="Deutsche-Bank">Deutsche Bank</keyword> CEO <keyword id="301744" type="PERSON" weightage="100" keywordseo="John-Cryan">John Cryan</keyword> said that Chadha has decided to move on effective July 17; the reason was not revealed, however. 
 
Chadha (54) has started his career with Citibank, later enjoying a three-year stint as MD and CEO of IDBI Bank. It was in 2003 that he had joined Deutsche Bank as its India CEO. 
 
He was later appointed as the co-CEO for Asia Pacific, a role that was later elevated to the post of sole CEO last year. He was, as per his last role, overseeing business in 16 countries in the Asia Pacific region. 
 
The bank is looking for his replacement, the selection of which would be announced in due course. 
 
<a href="http://assets.bwbx.io/images/users/iqjWHBFdfxIU/imhjLCs0dfjc/v1/-1x-1.jpg">Image source</a>

You Searched For "Deutsche Bank India" and got 12 results

Strong growth, lower fiscal deficit may lead to India rating upgrade: Deutsche Bank

PTI

China's explosive growth over the past few decades is actually just a return to its historical norm, says Deutsche Bank

Huileng Tan

INTERVIEW: Deutsche Bank plans to hire 1,000 employees in India as it looks to build core technologies in-house

Prabhjote Gill

I got laid off from my $220K job as an equity trader at Deutsche Bank. I'm no longer rich, but I'm happier than ever.

Kaila Yu

Deutsche Bank's former co-chief executive Anshu Jain played a big role in turning the German lender into a global investment bank

Aaron Weinman

Deutsche Bank will cut 18,000 jobs as it shuts down most of Asia's loss-making equities business

Prerna Sindwani

What is NSDL service?

BI India Bureau

Deutsche Bank says a giant volcanic eruption and another deadly pandemic are among the 'catastrophic' disasters that could devastate the world economy in the next 10 years

Saloni Sardana

Vedanta Resources repays USD 250 million in loans

PTI

Deutsche Bank is moving jobs from sunny Florida to India to cut costs

Madeline Shi

Here’s how Reliance Jio aims to gain 50% market share by 2020

BI India Bureau

Gunit Chadha quits Deutsche Bank Asia after 13 years, cites no reason

BI India Bureau

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