While Deutsche Bank has seen an increasing number of personnel cuts in the UK and also Europe, its Asian unit has continued to see growth. The global lender has made its newest move in the Asia-Pacific (APAC) region with the promotion of Atul Jain as Head of Trade Finance and Trade Finance Flow – APAC.
The APAC region is seen as a panacea for many European lenders, many of which have faced eroding profitability and revenues in the past two years. This in turn has prompted personnel cuts and to a lesser extent relocations to other locales, namely Asia. Moreover, Deutsche Bank, not unlike other rivals, has also been fortifying existing units in Asia, which is seen as one of the best growth regions.
Mr. Jain steps into his new role with immediate effect. He will be based out of Singapore and will be tasked with several key responsibilities in the region. These include leading Deutsche Bank’s profitable trade finance business in the region, as well as continuing to develop and push the execution of its APAC business strategy.
ConsenSys Announces Ethereal Summit Tel AvivGo to article >>
He will be reporting to Daniel Schmand, Global Head of Trade Finance, and Michael Dietz, Global Head of Trade Finance Flow. On a more regional basis, Lisa Robins, the lender’s APAC Head of Global Transaction Banking, will serve as his immediate superior.
Mr. Jain enters into the new role after already serving as an integral component of Deutsche Bank’s APAC business. Most recently he served as the Regional Chief Operating Officer for Deutsche Bank’s Corporate & Investment Banking division and the Global Transaction Banking business in the region. He originally joined the lender back in 2001, working in a multitude of senior level roles over a sixteen year stint.
Ms. Robins commented on the new elevation: “We are delighted to see Atul taking on this new role. With his deep understanding of the transaction banking business in the region and his leadership qualities, I am confident that he will be very successful.”
“With Atul at the helm of our Asia Pacific business, we hope to build on our momentum in the region and to continue to serve our growing client base with best-in-class solutions,” reiterated Mr. Schmand.
The promotion of Mr. Jain is Deutsche Bank’s latest move this month, during a relatively subdued period as the industry takes a mid-summer breather on the personnel front. Earlier in July, the group made several appointments in North America. The bank on-boarded Oliver Schiller as its Co-Head of Natural Resources Group, and promoted Warren Estey and Greg Sommer as Head of Americas and Co-Head of Natural Resources Group, respectively.