Germany’s biggest lender has made “large hires” for wealth management in the region and is adding people in investment and transaction banking, Chadha said in an interview with Bloomberg Television’s Haslinda Amin in Singapore today. He didn’t give numbers.
Deutsche Bank reported a 94 million-euro ($118 million) loss for the three months through September after setting aside funds to cover the costs of settling investigations. Growth in trade financing in the Asia-Pacific region was a bright spot in what the lender described as a “challenging” quarter for
transaction banking.
“We feel very good about the Asia Pacific and especially as we see some markets coming back into growth,” said Chadha, who leads the bank’s operations in the region with Alan Cloete. The firm is “deeply invested” in 16 countries, he said.
Deutsche Bank has about 18,000 Asia-Pacific employees, according to Chadha. That compares with about 98,000 people globally at the end of September, a company presentation shows.
While a deeper slowdown in China could trigger cuts in benchmark interest rates, the nation will avoid a “hard landing,” Chadha said, adding that he was confident in the Chinese leadership’s ability to manage a transition to a more market-driven economy.
Gunit Chadha, co-chief executive officer of Deutsche Bank AG for Asia Pacific.
The International Monetary Fund last month estimated growth rates of 7.4 percent for China and 5.6 percent for India this year, more than a forecast gain in world output of 3.3 percent.
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