Deutsche Bank Quantitative GSA Internship Programme - London - 2027

About the Programme

The Deutsche Bank Internship Programme is designed to help you develop your skills through formal training and continuous support. You will quickly gain confidence by working on real projects and learning firsthand how and what we deliver for clients worldwide. You will be supported by colleagues across the business and will begin to develop your professional network.

About the Division

GSA owns and develops many quantitative analytics capabilities and projects. GSA started with delivering pricing and risk solutions to Sales & Trading, and the majority of GSA internship topics have been focused on Fixed Income and Currencies (FIC) activities.

Available Teams

DB Analytics

DB Analytics is the front office cross-asset quant team responsible for the research and development of Deutsche Bank’s pricing models. The DB Analytics library forms the mathematical foundation of Deutsche Bank’s pricing and risk management systems and is used to price cash and derivative transactions across rates, inflation, credit, foreign exchange, commodities, mortgages and hybrids.

• Work on a challenging derivatives modeling project that includes numerical implementation and analysis.
• Work under the supervision of a senior team member aligned to a business area (e.g., interest rate exotic options).
• Build strong intuition for complex concepts, including stochastic calculus.
• Develop and implement a modeling prototype in C++.
• Read and analyse mathematically challenging research papers and translate insights into implementation.

Rates Desk Strats

You will use mathematical modelling and programming to help the business drive revenue through advanced risk management analytics, market data build-out, and process automation. In a collaborative role, you will partner with Trading, Sales, Structuring, Market Risk, Technology, and Operations while delivering a dedicated project for one of our Rates desks across areas such as Linear Swaps, European Government Bonds, Non-Linear Rates, Commodities, Inflation, Hybrids & Exotics, or Quantitative Investment Strategies.

• Demonstrate strong quantitative and programming skills.
• Apply natural curiosity about financial markets.
• Collaborate effectively and communicate clearly with stakeholders.

Credit Desk Strats

Credit Desk Strats is a front-office, desk-aligned quantitative team supporting Deutsche Bank’s Credit Trading businesses. You will partner with Trading, Structuring, Technology, Operations, and other analytics teams to address pricing, risk, P&L, data, workflow, and platform challenges across Credit Flow, Credit Solutions, Structured Credit, Securitized Credit, Whole Loans, Distressed and related activities.

• Work on projects including pricing and risk analytics, intraday P&L and risk tools, and trader/sales/client analytics.
• Support portfolio trading automation, data-quality improvements, and AI-enabled analytics.
• Contribute to migration to strategic platforms such as Kannon, e-Risk, IRIS, TradeGate, IMC, and SPR.
• Bring strong quantitative and programming skills, attention to detail, and product curiosity.
• Communicate effectively with trading-desk stakeholders.

CB & PB Strats

CB & PB Strats is responsible for all quantitative and analytical work for Corporate Bank and Private Bank divisions. This includes pricing, funding, liquidity management, IR risk calculation and hedging, profitability measurement, capital optimization, and SVA. The team builds and rolls out Kannon (the front office risk and pricing platform) to support these activities.

You will work closely with Cash Management, Trade Finance and Lending, and Strategic Corporate Lending in Corporate Bank, as well as both Wealth Management and Retail in Private Bank. You will also partner with Treasury and Treasury Strats on multiple initiatives.

Treasury Strategic Analytics

Treasury Strategic Analytics supports the Treasury function and desks such as Pool Trading, Asset & Liability Management, Liquidity Management, Issuance, Liquidity Reserve Management, and Capital Management. The role includes developing solutions for pre-trade pricing/execution/governance, post-trade risk/P&L calculation, Treasury Markets management, and hedge accounting.

In terms of products, this work covers money market products used to fund the balance sheet, derivatives used to hedge interest and FX risk, and investment products issued by the bank or held as reserves. The team also provides solutions for bank-wide regulatory responsibilities such as Regulatory Liquidity Ratio monitoring and Net Interest Income reporting.

• Develop an understanding of how Treasury works through interaction with Traders and Risk/Finance managers.
• Develop novel approaches to solve problems, including pricing or quoting mechanisms.
• Build more efficient algorithms to measure and optimally hedge the bank’s risk.
• Automate manual tasks using AI/ML.

Client and Control Strats

Client and Control Strats is responsible for developing and implementing models, data capabilities, platforms, and processes to improve revenue and cost optimisation, capital efficiency, and control effectiveness. The team builds behavioural models that monitor clients and traders by analysing transactions, relationship networks, and changes over time to identify activity that deviates from expected profiles or may indicate fraud, money laundering, sanctions evasion, or other forms of financial crime.

• Test innovative algorithms and feature designs that enhance the detection of unusual client or trader behaviours.
• Apply AI/ML techniques, including graph analytics, entity recognition, and anomaly detection.
• Understand the risks these models are designed to address, including relevant profiles and activities of traders and clients.

Internship Details

• Internship start: between May and June 2027
• Duration: 18 weeks

What We Look For

• Studying a post-graduate specialist degree (MSc or PhD) in a quantitative subject such as mathematics, engineering, physics, economics or finance.
• Strong understanding of the associated products, with a solid mathematical background to understand pricing/risk/P&L.
• Good exposure to C++ and Python coding.
• Outstanding academic achievements and eagerness to continue learning at an intensive pace.
• Ability to thrive in a highly collaborative environment.

Assessment Process

To progress to the final stage assessment, applicants will need to attend an in-person technical test on a specified date and location (not flexible). Details will be shared to shortlisted candidates.

Eligibility for the 2027 UK Quant Internship Programme

• Complete studies between 1 May 2026 and 30 November 2027. As the programme starts between May 2027 and June 2027, you may still be studying when you join, provided you complete all exams before your start date and complete any remaining coursework and have no outstanding requirements for graduation by 30 November 2027.
• Have achieved a 2:1 or First (or equivalent) in your undergraduate degree and be on track for, or have already achieved, a pass/merit/distinction (or equivalent) in your post graduate degree either before you join or by 30 November 2027.
• Study a postgraduate degree (MSc or PhD) in a quantitative discipline such as mathematics, engineering, physics, computer science, economics, or finance.
• Have no more than 12 months full-time, relevant work experience.

Benefits and Wellbeing

Deutsche Bank is committed to benefits and programmes centred around wellbeing. Feeling healthy, engaged, and well-supported enables you to do your best work and get the most out of life outside of the office.

How to Apply

• Use the Deutsche Bank careers site for students and graduates to apply.
• You may make only ONE application per recruitment season in the UK. Submitting multiple applications with multiple profiles may result in removal from the process.
• Application deadline: 30 October 2026 at 11:59PM GMT.
• The role may close early if a significant number of applications are received. If it is due to close early, the deadline will be updated 48 hours in advance.