 "Gunit Chadha quits Deutsche Bank as Asia-Pacific head")
Deutsche Bank, Germany’s largest lender, has announced Gunit Chadha, its chief executive officer for the Asia-Pacific, would leave the company next month. A note on the bank’s website from chief executive John Cryan said Chadha’s quitting would be effective July 17 and a successor announced in due course.
“I am grateful to Gunit for his contributions and especially his role in developing our presence across 16 countries in Asia-Pacific. In 2012, Gunit was appointed as co-chief executive officer (CEO) for the Asia-Pacific and sole CEO in 2015. During this period, our businesses (there) delivered substantial growth, coupled with increased profitability,” said Cryan in the note.
The 16 countries covered India, Asean, Greater China, Australia and Japan. The region was considered a significant contributor to the business, with five of the top 10 countries globally for Deutsche Bank (by profits before tax) from here. Chadha had joined the bank as its India CEO in 2003, from IDBI Bank.
During 2012-2015, under Chadha, profits from the region more than doubled to a record of €4.4 billion (Rs 33,300 crore). However, the overall performance of the bank has been under pressure, with the lender announcing a loss of €6.8 billion (Rs 51,680 crore) in calendar year 2015.
This came at a time when Cryan had decided to restructure the business, including closing down operations in 10 countries, reducing risks, strengthening the capital position and laying off around 15,000 people.
“I am grateful to Gunit for his contributions and especially his role in developing our presence across 16 countries in Asia-Pacific. In 2012, Gunit was appointed as co-chief executive officer (CEO) for the Asia-Pacific and sole CEO in 2015. During this period, our businesses (there) delivered substantial growth, coupled with increased profitability,” said Cryan in the note.
The 16 countries covered India, Asean, Greater China, Australia and Japan. The region was considered a significant contributor to the business, with five of the top 10 countries globally for Deutsche Bank (by profits before tax) from here. Chadha had joined the bank as its India CEO in 2003, from IDBI Bank.
During 2012-2015, under Chadha, profits from the region more than doubled to a record of €4.4 billion (Rs 33,300 crore). However, the overall performance of the bank has been under pressure, with the lender announcing a loss of €6.8 billion (Rs 51,680 crore) in calendar year 2015.
This came at a time when Cryan had decided to restructure the business, including closing down operations in 10 countries, reducing risks, strengthening the capital position and laying off around 15,000 people.