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Deutsche Bank promotes Gunit Chadha as Asia Pacific CEO

Deutsche Bank has elevated Gunit Chadha to its Asia Pacific CEO, the lender said on Thursday.

Chadha, an IIM alumnus, was earlier co-CEO of the Asia Pacific region. He has been with Deutsche Bank for more than a decade and has about 30 years of experience in retail, corporate and investment banking.

Prior to Deutsche Bank, Chadha was CEO of IDBI bank and also worked as the head of the investment banking arm of Citigroup for India, Nepal, Sri Lanka and Bangladesh. He has been part of the managing committee of the Indian Bankers Association and was also a member of the Reserve Bank of India’s Technical Advisory Committees.

In a press conference on Thursday, where Deutsche Bank announced a global restructuring exercise, co-CEO John Cryan said the lender would be looking at fine-tuning its structure in Asia.

Deutsche Bank also unveiled its Strategy 2020, an action plan to lower operation costs, modernise technology and capitalise itself after it reported a net loss of $6.6 billion for the third quarter of 2015.

While the lender had announced 35,000 job cuts and closing down operations in 10 countries across Latin America and Scandinavia, there was no formal announcement of restructuring of its Asia-Pacific operations in the report.

Even though there are no plans for job cuts in India the bank has already been scaling down business in the country. The bank had in August agreed to sell its India asset management business to Pramerica Asset Managers Pvt Ltd for an undisclosed amount.

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