Deutsche Bank to move more jobs to India

German publication Spiegel carries a report of Deutsche Bank's ambitious plans for expansion in India.

Deutsche Bank, Germany's biggest bank, plans to move thousands of jobs to India, a German magazine said on Saturday.

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Spiegel magazine said Deutsche Bank's Indian subsidiaries DNETS, DBOI and GMC planned to employ more than 4,000 staff in 2007 to work in departments such as securities trading or equity research.

Staffing levels in the firms' offices in Mumbai and Bangalore would rise to 2,200 this year from currently 350, according to a report circulated ahead of publication.

The bank also planned to move jobs in its controlling business to India and the Philippines, Spiegel said.

The magazine added that the bank was also massively expanding its retail business in emerging markets and planned to enter the Chinese and Turkish market.

The bank declined to comment.