The global personnel group at Deutsche Bank has been in a state of flux since last year, and now looks to have extended to the Asia-Pacific (APAC) region with the departure of Chief Executive Officer (CEO), Gunit Chadha, who announced his intent to relinquish his role in July, according to a recent Reuters report.
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Deutsche Bank has been one of the most active lenders since last year in embarking on a new strategy in a bid to restore its profitability and revenues. In practical terms this meant the cutting of upwards of 35,000 workers over the next few years with countless other moves, consolidations, and restructurings across its global business. However, most of these moves have been confined to the European space, namely London.
This also marks the second Deutsche Bank CEO to leave in as many months, after Bernardo Parnes announced that he would be leaving the group’s Latin American operations in May. Mr. Chadha will be parting ways with the lender on July 17 – thus far a successor has not been named.
Mr. Chadha originally joined Deutsche Bank back in 2003, having focused on a CEO role in India. In 2012 he stepped into the co-head role for APAC, which paved the way for a more lead role in the region. Deutsche Bank’s APAC business had experienced a decline in Q1 2016, much like the rest of its operations in the same period.