IndusInd Bank treasury chief to depart amid ongoing leadership reshuffle: Report
The bank continues to face a period of transition following its largest-ever quarterly loss in the quarter ending March 2025. The loss, which exceeded $230 million, was attributed to governance and accounting failures, prompting a significant reorganisation of the bank's senior management structure.
- Mar 5, 2026,
- Updated Mar 5, 2026 3:29 PM IST
Siddharth Banerjee, who has served as the head of the global markets group at IndusInd Bank since 2020, is expected to exit the organisation in April, sources told news agency Reuters. These sources, who declined to be named due to the sensitivity of the situation, indicated that Banerjee has already informed the bank's management of his intention to step down. The departure marks another significant change within the bank's leadership ranks, which have seen multiple exits over the past year.
IndusInd Bank has not officially commented on the reasons behind Banerjee's decision or whether a successor has been identified. Attempts by Reuters to seek clarification from the bank went unanswered. Banerjee, when reached for comment, stated: "I am the head of markets and still working for the bank".
The bank continues to face a period of transition following its largest-ever quarterly loss in the quarter ending March 2025. The loss, which exceeded $230 million, was attributed to governance and accounting failures, prompting a significant reorganisation of the bank's senior management structure.
Recent management changes have included the departures of several key figures, including former CEO Sumant Kathpalia, Deputy CEO Arun Khurana, and Chairman Sunil Mehta, whose term concluded in January. In response, IndusInd Bank has made several new appointments, such as a new Chief Financial Officer and Chief Human Resources Officer, as well as other senior executives.
Rajiv Anand, the current CEO, addressed the ongoing restructuring process by emphasising the bank's commitment to replenishing its leadership team. Anand noted, "recruitment will continue as the bank restructures", reflecting the ongoing search for fresh talent to drive the institution's recovery and growth.
The departure of Banerjee, if confirmed, would follow a string of high-profile exits from IndusInd Bank's top management. Industry analysts have pointed out that such transitions are often a response to significant financial setbacks, especially in the banking sector, and can impact both internal morale and investor sentiment.
According to financial experts, the bank's strategy to recruit new talent and restructure its senior management aligns with broader industry trends observed among Indian lenders facing similar governance and financial challenges. This pattern is seen as a necessary step to restore credibility and strengthen operational controls.
Siddharth Banerjee, who has served as the head of the global markets group at IndusInd Bank since 2020, is expected to exit the organisation in April, sources told news agency Reuters. These sources, who declined to be named due to the sensitivity of the situation, indicated that Banerjee has already informed the bank's management of his intention to step down. The departure marks another significant change within the bank's leadership ranks, which have seen multiple exits over the past year.
IndusInd Bank has not officially commented on the reasons behind Banerjee's decision or whether a successor has been identified. Attempts by Reuters to seek clarification from the bank went unanswered. Banerjee, when reached for comment, stated: "I am the head of markets and still working for the bank".
The bank continues to face a period of transition following its largest-ever quarterly loss in the quarter ending March 2025. The loss, which exceeded $230 million, was attributed to governance and accounting failures, prompting a significant reorganisation of the bank's senior management structure.
Recent management changes have included the departures of several key figures, including former CEO Sumant Kathpalia, Deputy CEO Arun Khurana, and Chairman Sunil Mehta, whose term concluded in January. In response, IndusInd Bank has made several new appointments, such as a new Chief Financial Officer and Chief Human Resources Officer, as well as other senior executives.
Rajiv Anand, the current CEO, addressed the ongoing restructuring process by emphasising the bank's commitment to replenishing its leadership team. Anand noted, "recruitment will continue as the bank restructures", reflecting the ongoing search for fresh talent to drive the institution's recovery and growth.
The departure of Banerjee, if confirmed, would follow a string of high-profile exits from IndusInd Bank's top management. Industry analysts have pointed out that such transitions are often a response to significant financial setbacks, especially in the banking sector, and can impact both internal morale and investor sentiment.
According to financial experts, the bank's strategy to recruit new talent and restructure its senior management aligns with broader industry trends observed among Indian lenders facing similar governance and financial challenges. This pattern is seen as a necessary step to restore credibility and strengthen operational controls.