Deutsche Bank (NYSE:DB) announced on Tuesday that the company has hired nearly 800 new university graduates in offices around the world as part of a new company strategy.
The German investment bank decided to move forward with the new hires as it recently told investors that its results for the second quarter of fiscal 2018 will be better than expected in the earnings front thanks to new strategical initiatives under new CEO Christian Sewing.
Deutsche Bank’s 800 hires this year mark its second highest number of hires at once ever, while also topping the number of hires it made last year by 25%, according to a company spokesperson. The bank had orientation for the new group of graduates last week.
The move comes despite the fact that the bank has seen a number of key traders leave in recent months in the midst of plans to lay off up to 7,000 workers by the end of next year. About 27% of the new Deutsche Bank employees are bankers, while 16% of them are traders, offering a glimpse into how the company’s new strategy is unfolding.
However, the company’s revenue from stock and bond trading has declined 15% for its second quarter, which is below the trend of other U.S. banks, which have reported growth in revenue during the same period.
DB stock is up nearly 1.2% on Tuesday afternoon following the news.