Deutsche Bank Says Asia-Pacific CEO Gunit Chadha to Leaveby
Adds to a long list of senior departures from bank since 2015
Bank says it will announce replacement in “due course”
Deutsche Bank AG said Gunit Chadha, chief executive officer for Asia Pacific, will leave next month, adding to a string of senior departures from the German lender over the past 12 months.
The bank will announce Chadha’s successor “in due course,” CEO John Cryan said in a message to employees posted on the Frankfurt-based firm’s website, without elaborating on the reason for Chadha’s departure. Chadha, who joined the firm in 2003, was named co-CEO of the Asia business in 2012 and became sole head last year.
Cryan has been undertaking the biggest management shakeup in more than a decade as he scales back the trading empire built by his predecessor Anshu Jain. Colin Fan, the co-head of the investment banking and trading unit, resigned last year along with Michele Faissola who led asset and wealth management. Both were top duties of Jain. Stephan Leithner, the bank’s head of compliance and CEO for Europe excluding Germany and the U.K., has also left Deutsche Bank.
Deutsche Bank said last week that Quintin Price, head of asset management and the most senior executive Cryan had brought in, is departing after going on medical leave in April.
Asia-Pacific accounted for about 13 percent of Deutsche Bank’s revenue in 2015, and about 20 percent of the lender’s employees work in the region, according to its annual report. The bank said in April that trading revenue in Asia dropped in the first quarter and the region’s impaired loans jumped by 24 percent in the period.