Business: Deutsche Bank’s chief executive officer for the Asia-Pacific region, Gunit Chadha, is leaving the bank, the latest high-level departure at the German lender, the bank said on June 14.
In a message to staff on the bank's website, Chief Executive John Cryan said the bank would announce in "due course" a successor for Chadha, who joined as chief executive for India in 2003 and became a co-head for Asia Pacific in 2012. The message gave no reason for Chadha's exit.
Cryan, who took charge of the bank last year, is leading deep restructuring at Deutsche Bank to turn around a business that declined in three years from being a potent force on Wall Street to posting a record loss in 2015.
Deutsche will complete two-thirds of its restructuring by the end of this year, Cryan said last month, adding the bank hoped to settle three or four big litigation cases, sometime before or after the summer.
Asia-Pacific accounted for 13.2 percent of Deutsche Bank's net revenues of 33.5 billion euros ($37.56 billion) last year, up from roughly 12 percent in 2014, its annual report shows. The region acounted for nearly 9 percent of its loans last year.
Chadha's move follows some recent senior-level departures from Deutsche Bank, including the head of its asset management business, Quintin Price, and supervisory board member Georg Thoma, who both left this year.