Deutsche Bank Asia Pacific CEO quits | business | Hindustan Times
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Deutsche Bank Asia Pacific CEO quits

Gunit Chadha, chief executive officer of Deutsche Bank in Asia-Pacific, has decided to quit the lender, joining a long list of the bank’s senior executives who have stepped down from their posts, after CEO John Cryan initiated a management revamp. Asia-Pacific is one of the German bank’s fastest-growing markets.

business Updated: Jun 14, 2016 21:18 IST
HT Correspondent
Deutsche Bank
Gunit Chadha’s future plans were not immediately known.(Livemint)

Gunit Chadha, chief executive officer of Deutsche Bank in Asia-Pacific, has decided to quit the lender, joining a long list of the bank’s senior executives who have stepped down from their posts, after CEO John Cryan initiated a management revamp. Asia-Pacific is one of the German bank’s fastest-growing markets.

According to information posted on the bank’s website and confirmed by a spokesperson, Chadha’s exit will be effective from July 17. The bank did not offer any reasons for Chadha’s decision to leave.

Chadha’s resignation follows the exit of Quentin Price, a Deutsche Bank veteran and head of its asset management business, last week. Its previous CEO Anshu Jain had also stepped down last year. According to people familiar with the bank, the revamp by Cryan is aimed at bringing in new people to oversee the Asia-Pacific business.

“In the last four years, I am privileged to have had a myriad of experiences across 16 countries in the region that have impacted my professional life in most memorable and meaningful ways,” Chadha said.

Chadha joined Deutsche in 2003 as the bank’s India CEO, overseeing its growth across multiple business divisions, developing its position as a leading investment and transaction bank in Asia’s third-biggest economy. In 2012, he was appointed as co-CEO for Asia-Pacific and sole CEO in 2015.

Under Chadha, Asia Pacific’s pre-tax profit grew 26% annually since 2012.

“I am grateful to Gunit for his contributions to Deutsche Bank, and especially for his role in developing our valuable presence across 16 countries in Asia-Pacific,” Cryan said. “We will announce Gunit’s successor in due course.”