Wednesday, 15 June 2016

Gunit Chadha resigns as CEO of Deutsche Bank Asia Pacific Region


Gunit Chadha on 14 June 2016 resigned as Chief Executive Officer (CEO) of Asia Pacific region of Deutsche Bank AG. He will leave the office on 17 July 2016. Chadha joined Deutsche Bank in 2003 as the CEO for the global lender’s India business.  In 2012, he was elevated to co-CEO for its Asia Pacific business and later in October 2015 was appointed as CEO for the Asia Pacific.

• Under Chadha’s leadership, Deutsche Bank had started its investment banking, retail banking and institutional broking business in India. 
• Prior to Deutsche Bank, he was CEO of IDBI Bank Ltd.

Comment
This is the second high profile exit from the bank. Earlier in June 2016, the bank announced that Quintin Price, Head of its asset management business and a member of the management board is also set to quit. 

The company had earlier announced a shocking 6.8 billion Euros loss for the year ended December 2015. In January, the bank had announced a restructuring drive and had decided to cut down its exposure in a number of global markets, while also announcing spending cuts.

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