Deutsche Bank AG’s chief executive officer in Europe, the Middle East and Africa leaving to spend more time with his family and has no imminent plans to take another job in banking, one of the people said.
Ashok Aram first joined 25 years ago, where he headed the firm’s international private and commercial bank operations. According to people, he will stay with the bank for a couple more months to help with handover. He pleaded for more privacy.
Deutsche Bank is in the throes of a massive restructuring aimed at turning it into a leaner, more profitable machine after five consecutive annual losses. Chief Executive Officer Christian Sewing said in May that he would not let the coronavirus crisis derail the program and resumed job cuts that had been suspended as the pandemic took hold in March.
Deutsche Bank asked its management board and other top leaders to waive one month of pay to help reduce its cost base amid the virus pandemic.