Mumbai: Sanjay Sharma, managing director and head of equity capital markets at Deutsche Bank’s Indian investment banking unit, has resigned, two people aware of the development said.

The veteran investment banker joined Deutsche Bank in 2007 from DSP Merrill Lynch, where he was the equity capital markets head. Mint, however, could not ascertain Sharma’s next move.

Sharma’s exit comes at a time when the company has been looking to scale back its investment banking operations, globally. Deutsche Bank declined to comment on the development.

In April, Reuters reported, citing a statement from the company, that it will make ‘significant’ cuts at its investment bank, scaling back its corporate finance operations in the US and Asia, US government bond trading, and equities. The same month also saw The Wall Street Journal reporting that Deutsche Bank’s global markets chief and co-head of investment banking, Garth Ritchie, had discussions about leaving the bank this year.

In June 2017, Mint had reported that Ravi Shankar, managing director of Deutsche Bank AG’s investment banking coverage in India, had quit to join JPMorgan India’s investment banking team as managing director. The investment banking team has worked on a few major initial public offerings, including the 11,372-crore share sale of government-owned General Insurance Corp. of India Ltd, over the past couple of years.

Deutsche Bank was also a banker in the mega IPOs of SBI Life Insurance Co. Ltd and ICICI Prudential Life Insurance Co. Ltd.

The SBI Life initial share sale saw fundraising of 8,400 crore, while the ICICI Prudential Life IPO was worth 6,056 crore.

Earlier, Deutsche Bank was associated with the IPOs of Bharti Infratel Ltd, Coal India Ltd, JSW Energy Ltd and DLF Ltd, according to its website. Now, the investment bank has just one IPO in the pipeline, that of renewable energy firm Acme Solar Holdings Ltd.