DBS' head of consumer banking, Rajan Raju, is leaving the firm after 11 years of service, Reuters reports.

The departure comes amid a series of new hires in line with chief executive Piyush Gupta's realignment and growth plans and happens at a time of weak growth for the company's consumer banking unit, the news service said. The firm's banking arm posted a 13.6 per cent drop in net profit in the second quarter year-over-year.

Reports say that Raju is moving into a senior position at Deutsche Asset Management, although the bank had declined to comment on the matter. DBS, however, has confirmed Raju's departure and said that his replacement will be announced soon. In the meantime, his old responsibilities will be assumed by bankers Linda Wong, Domenic Fuda and Jeremy Soo on an interim basis.