Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Former Deutsche Bank co-CEO Anshu Jain dies

Published 08/13/2022, 10:52 AM
Updated 08/13/2022, 03:20 PM
© Reuters. FILE PHOTO: Anshu Jain, co-CEO of Deutsche Bank, addresses the bank's annual general meeting in Frankfurt, Germany, May 21, 2015. REUTERS/Kai Pfaffenbach

(Reuters) -Anshu Jain, a top finance executive best known for helping German lender Deutsche Bank AG (NYSE:DB) take on the largest Wall Street firms, died overnight on Saturday after a five-year battle with cancer, his family said. He was 59.

Jain, who was born in India, spent two decades building Deutsche Bank (ETR:DBKGn) into one of the world's top universal banks. He was the first non-European to lead the German institution.

In the aftermath of the financial crisis of 2008 and the European debt crisis that followed, Jain pushed Deutsche to remain Europe’s “last man standing” as U.S. firms pulled ahead in global banking.

The years of expansion into risky investment banking businesses came back to haunt the bank, as regulation made complex trades more costly. As co-chief executive he struggled to cut back the risk and to get a grip on a long list of scandals that led to billions of dollars in fines.

He resigned from the German lender in 2015, and had been the president of U.S. financial services firm Cantor Fitzgerald since 2017.

"He will be remembered for his leadership in financial services and his deep commitment to conservation," said Larry Fink, chief executive of BlackRock Inc (NYSE:BLK), who said he knew Jain well.

Born in the Indian city of Jaipur, Jain earned his bachelors at the University of Delhi before completing an MBA at the University of Massachusetts in Amherst.

A lifelong vegetarian, he loved wildlife photography, safaris in Kenya’s Masaai Mara and wilderness conservation, his family said.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

He joined Deutsche in 1995 to launch a division specializing in hedge funds and derivatives. He then headed bond trading and emerging markets and later, as head of the investment bank, he out-earned his boss, then-CEO Josef Ackermann.

He was appointed to Deutsche's management board in 2009 and was responsible for the corporate and investment bank division from 2010. From 2012 to 2015, he was co-CEO.

"Anyone who worked with Anshu experienced a passionate leader of intellectual brilliance," said present CEO, Christian Sewing.

Jain was diagnosed in January 2017 with duodenal cancer, which affects the small intestine, but managed to outlive his initial diagnosis by four years, the family said.

"To his last day, Anshu stood by his lifelong determination to 'not be a statistic'," the family said.

Latest comments

Dies. what a terrible way to describe a person passing on after suffering severe illness without dignity. A cockroach dies. Reuters you are colder than 🧊
aurs
DB Did accumulate a lot of toxic debt they apparently managed to offload. I'd be astonished if they got rid of all of it and am amazed they haven't collapsed yet unless there's some secret fed fund keeping them going...oh wait what's this emergency 500b fund the fed is trying to hide?
If only the rest of the bankers were so fortunate....
Fu
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.