Deutsche Bank CEO forecasts 10% growth in Asia-Pacific revenue
Co-chief executive officer for Deutsche Bank’s Asia-Pacifc region, Gunit Chadha, outlined expectations for a 10% increase in revenue over the next three to five years.
During a television interview, Chadha told Bloomberg that the firm feels positive about Asia-Pacific and foresees “some markets [within the region] coming back into growth.” Germany’s biggest lender has had a turbulent year, reporting a $118m loss for the third quarter ended in September. The firm attributed the poor results to windfall costs required to settle numerous regulatory investigations.
The firm still holds a positive outlook for the region’s future, in spite of the poor forecasts for China’s economy. If China slips into a deeper slowdown, the backlash effect on surrounding Asia-Pacific nations may trigger cuts in benchmark interest rates in the Asian giant.
Despite this, Chadha remains confident in the ability of China’s leadership to manage transition to a more market-driven economy.