Deutsche Bank, which is based in Germany, said in a statement that Stefan Schaffer has been named the new CEO of Deutsche India, its global capabilities center (GCC).
Schaffer will also lead Deutsche Bank’s IT centers and serve as the company’s chief information officer (CIO).
In four key locations Bengaluru and Pune in India, Bucharest in Europe, Berlin in Germany, and Cary in the US Deutsche Bank has set up significant engineering hubs.
Of the 23,000 people it employs in India, 8,000 are committed engineers.
Dilipkumar Khandelwal, who left the role last month to join the startup scene, is replaced by him.
Since January 2023, Schaffer has served as the managing director and head of shared applications and services. “His initiatives focused on reuse strategies and the development of shared capabilities aligned with the bank’s engineering and architecture manifesto—driving simplification and standardisation across the enterprise,” the statement said.
Beginning in 2020 as the managing director for central CIO private banking and the head of the IT center in Bucharest, Romania, Schaffer has held a number of high leadership positions at the German bank for more than five years.
“With a distinguished global career spanning enterprise technology, start-up innovation, and management consulting, Stefan brings a wealth of experience and a deep understanding of diverse business cultures and complex operational environments,” the statement said adding that the appointment reflects Deutsche Bank’s “ongoing focus on innovation, operational excellence, and underscores the Bank’s commitment to India”.
According to industry group Nasscom, India has around 1,760 GCCs with 1.9 million employees, and one to two new GCCs are added on average each week. By 2029, this is anticipated to increase to 2,200, employing around 2.5–2.8 million people.
Since the government is working to make it simpler to run these centers here, multinational corporations have been encouraging their own personnel to advance to greater senior positions at their GCCs in India.
An industry-led council was established by the ministry of electronics and IT last week to help accelerate the emergence of GCCs in India by working to establish the national framework that was called for in the federal budget.
With a combined revenue base of $64.6 billion, the GCCs currently account for about a fourth of India’s conventional $280 billion+ technology services outsourcing market. By 2030, that amount is expected to reach $100 billion.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
