Gunit Chadha resigns as Deutsche Bank Asia Pacific CEO
Gunit Chadha’s is the second high profile exit from Deutsche Bank, after it had announced a €6.8 billion loss for the year ended December 2015
Mumbai: Gunit Chadha, chief executive officer- Asia Pacific at Deutsche Bank AG is set to leave the bank effective 17 July.
In a note circulated among the bank’s employees, John Cryan, co-CEO of Deutsche Bank, announced Chadha’s exit on Tuesday. The note was posted on the bank’s website.
“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. We will announce Gunit’s successor in due course,” Cryan said in his note.
This is the second high profile exit from the bank, after it had announced a shocking €6.8 billion loss for the year ended December 2015. Earlier this month, the bank announced that Quintin Price, head of its asset management business and a member of the management board is also set to quit, effective 15 June. 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.
Where Chadha will head to after this remains unclear.
Chadha, 54, had 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 in his current role as CEO for the Asia Pacific, in charge of 16 regions in the region.
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.
“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. I look back with deep pride in leading a world-class team and a solid client franchise, which delivered sustainable performance across the Asia Pacific region. I thank my colleagues for their strong partnership and support,” Chadha said.