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Deutsche Bank reshuffles its India top deck

The bank needed to recast roles for top executives after Kaushik Shaparia’s took over as CEO in May this year.

, ET Bureau|
Updated: Oct 10, 2019, 11.14 AM IST
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Globally, Deutsche Bank is undergoing a massive restructuring. In July, the lender announced it would close down the equity sales and trading businesses.
MUMBAI: MUMBAI: Deutsche Bank has reshuffled its top management in India in the first such move after new CEO Kaushik Shaparia took over in May. The bank needed to recast roles for top executives after Shaparia’s elevation as the former India CEO, Ravneet Gill, had also left the global lender at the beginning of the year to head Yes Bank.

In an internal note accessed by ET, Deutsche Bank said it has promoted Anjali Mohanty, head of the bank’s global transaction banking (GTB) business in India, as the head of global subsidiary coverage (GSC) in the Asia-Pacific. GSC handles banking for multinational clients in the region. Mohanty will take over Shaparia’s previous role at the bank.

Following Mohanty’s elevation, the bank will have two heads for the GTB business in India. Sriram Krishnan, who is head securities services, and Rajesh Thakur, head cash management, will also be co-heads for the GTB business in India, reporting to David Lynne, head of corporate banking for for Asia-Pacific.

Shyamal Malhotra will be in charge of corporate client coverage in India, including banking multinational clients, which will be led by Rajesh Thakur while investment banking remains as it is. The latter is also responsible for the cash management business in India. Anand Jha heads trade finance in India from October 3.

The bank infused fresh capital of Rs 3,846 crore during the last fiscal year, taking the total capital invested in the bank in India to Rs 15,533 crore. It posted a net profit of Rs 1,199 crore for the year ended March 2019, up 32% from Rs 910 crore reported a year earlier, mainly due to higher loan growth that helped increase total income.

Globally, Deutsche Bank is undergoing a massive restructuring. In July, the lender announced it would close down the equity sales and trading businesses and scale down investment banking, slashing 18,000 jobs by 2022 that would help the bank save $19 billion in costs over that period.

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