Deutsche Bank plans to move almost half the back office jobs in its sales and trading operations to centres in India by the end of 2007, according to a Financial Times report.
The move will triple Deutsche Bank's global markets staff offshore to nearly 2000, according to industry estimates.
Around 15% of operational staff in the bank's markets business are already in offshore centres, says the FT, and Deutsche plans to lift this to 40%-50% by the end of next year.
Mark Ferron, CEO of Deutsche's global markets business, told reporters the expansion in India was part of a wider reorganisation that has boosted revenues and significantly cut costs.
The bank's offshoring programme has already helped increase revenues by more than EUR1.9bn.
Deutsche is also thought to be looking to increase the number of research staff it employs offshore from 350 to 500, more than half the present global total of 900.
Last week US bank Morgan Stanley also said it was cutting 50-60 equity research jobs under plans to cut costs and re-locate some functions in the emerging markets.
Other investment banks expanding offshore facilities include Credit Suisse which was reported to be planning to move around 5000 IT, back office and administrative jobs from the US and UK to cheap offshore centres in eastern Europe, Singapore and India.
Meanwhile JPMorgan plans to shift around 30% of back office and support jobs at its investment banking division to offshore centres in India by the end of 2007, and expects to recruit around 4500 graduates in the country.
US investment bank Goldman Sachs said last year it would shift more middle and front office functions to India as part of a $30m investment in its offshore facilities, while Bank of America and HSBC are also expanding their offshore operations in Asia this year.