In a strategic leadership move, Deutsche Bank, Germany’s leading global financial services provider, has named Stefan Schaffer as the new Chief Executive Officer (CEO) of Deutsche India, its Global Capability Centre (GCC). In addition to his CEO role, Schaffer will also serve as Chief Information Officer (CIO) for Corporate Functions and Head of Technology Centres for the bank
A Leadership Transition with a Global Vision
Schaffer succeeds Dilipkumar Khandelwal, who recently stepped down to pursue opportunities in the startup ecosystem. With over five years at Deutsche Bank, Schaffer brings deep expertise in global technology operations and leadership, having held key positions including:
- Managing Director for Central CIO Private Banking
- Head of Tech Centre in Bucharest, Romania
- Most recently, Managing Director and Head of Shared Applications and Services since January 2023
His work has been instrumental in driving simplification and standardization across Deutsche Bank’s tech infrastructure, particularly through shared capability development and reuse strategies aligned with the bank’s engineering and architecture manifesto
India: A Strategic Innovation Hub
India continues to play a pivotal role in Deutsche Bank’s global operations. With 23,000 employees in the country, including 8,000 dedicated engineering professionals, the bank operates major tech hubs in Bengaluru and Pune, along with centres in Berlin, Bucharest, and Cary (USA).
The appointment underscores the bank’s commitment to India as a key driver of technology innovation, operational excellence, and leadership development.
“With a distinguished global career spanning enterprise technology, startup innovation, and management consulting, Stefan brings a wealth of experience and a deep understanding of diverse business cultures and complex operational environments,” the bank stated.
The appointment underscores the bank’s commitment to India as a key driver of technology innovation, operational excellence, and leadership development.
“With a distinguished global career spanning enterprise technology, startup innovation, and management consulting, Stefan brings a wealth of experience and a deep understanding of diverse business cultures and complex operational environments,” the bank stated.
India’s GCC Landscape on a Growth Trajectory
Schaffer’s elevation comes at a time when India’s GCC ecosystem is seeing exponential growth. According to NASSCOM, India hosts over 1,760 GCCs, employing around 1.9 million professionals, with an average of 1–2 new centres launched every week. By 2029, this is expected to grow to 2,200 GCCs employing 2.5–2.8 million people.
In recent policy developments, the Indian government is pushing for easier operations for multinationals establishing or scaling their GCCs. The Ministry of Electronics and IT recently formed an industry-led panel to create a national framework to accelerate GCC growth in India
In recent policy developments, the Indian government is pushing for easier operations for multinationals establishing or scaling their GCCs. The Ministry of Electronics and IT recently formed an industry-led panel to create a national framework to accelerate GCC growth in India
A $100 Billion Opportunity
Collectively, GCCs in India now generate $64.6 billion in revenue,accounting for nearly a quarter of India’s traditional $280-billion-plus IT services industry. That figure is projected to reach $100 billion by 2030, solidifying India’s role as a global technology powerhouse
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