Hi All,
It has been months since I visited this forum and I would have loved to give my input earlier if I had known so many of you guys here are looking for info regarding Deutsche Bank and in particular,
MThree Consulting.
I know a lot about this project and DB's plans. So you guys may wanna listen up
Most large banks have already went on the Level 1, Level 2 and maybe even a Level 3 AML Transaction Monitoring framework, with most of these L1 L2 functions outsourced to cheaper locations like Malaysia, China or India. The in-country L3 AML Transaction Monitoring functions are usually where you want to be at (i.e. most stabilitity, of course notwithstanding Advisory which is arguably the most stable)
DB appears to be only just adopting this model recently. The AML TM function has just moved to Maple Business City which is a cheaper and more spacious location. This is to house the new team of Contractors, around 35 of them.
What you will be doing as a contract staff, is essentially the same as other smart consultancy firms such as CAPCO that jumped on the opportunity to hire fresh grads as cheap contract staffs to provide manpower solutions (usually AML compliance related) for various banks.
When I say manpower solutions, the following are facts that people like me who are actually in the actual industry will know:
1) You are a contract staff hired with the consutancy firm and will be treated like one, with no guarantee of a perm with any Bank (i.e you cant put DB in your Linkedin or Resume as your employer is Mthree Consulting.)
2) Many banks have sugar coated this cheap labour as "graduate program". Think of Credit Suisse, BNP Paribas etc. This type of contract job or compliance graduate program, is not even remotely close to the Management Associate Program or Graduate Program in various other banks (i.e. you will not be treated as a superstar with star rotations and star promotion paths)
3) Out of 35 people, the conversion rate is likely 5 to 8 who will get converted. This is the reality. AML Compliance has been found out to be the largest COST FUNCTION in Compliance. Banks all around are finding ways to outsource to cheaper locations, automate, streamline, reduce headcount (i.e. when I heard someone saying earlier that DB will promote and convert all 35 of you contract staffss into perm, I immediately sense that it would be needful to manage your expectations in case you get hurt and disappointed in 2 years time).
4) There is no guarantee at all that you will be converted to a DB perm staff. What is more guaranteed is that, after 2 years of working as a consultant under Mthree Consulting, you may be sent on another project for another bank (still under Mthree Consulting)
5) Your work is mainly remediation and clearing backlog, or temporary manpower to cope with surge in transaction monitoring alert volumes. Once stabilized, the Bank or company is likely not to extend your contract. There can only be so many perm staff headcounts in the actual Bank.
So, there you go folks, with that all said and done, if you cant find a job and have this offer in front of you, by all means go ahead. But just be prepared of the realities and manage your expectations accordigly.
Especially if you are a fresh grad who has been overly hopeful of the AML sector being a super hot career, after reading 115 pages of AML discussions on this forum
Cheers all, thank me later.